Steelpath Select Correlations

Mutual Funds . USA . 
Fund . Steelpath Select 40
MLPEX Fund  USD 8.51  0.01  0.12%   
The current 90-days correlation between Steelpath Select and Commodities Strategy Fund is -0.11 (i.e., Good diversification). The correlation of Steelpath Select is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak. If the correlation is 0, the equities are not correlated; they are entirely random.

Steelpath Select Correlation With Market

Poor diversification

The correlation between Steelpath Select 40 and DJI is 0.68 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Steelpath Select 40 and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in Steelpath Select 40. Also, note that the market value of any mutual fund could be closely tied with the direction of predictive economic indicators such as signals in housing.

Moving together with Steelpath Mutual Fund

  0.86VMICX Invesco Municipal IncomePairCorr
  0.89VMINX Invesco Municipal IncomePairCorr
  0.89VMIIX Invesco Municipal IncomePairCorr
  0.78AMHYX Invesco High YieldPairCorr
  0.86OSICX Oppenheimer StrategicPairCorr
  0.73OSMAX Oppenheimer InternationalPairCorr
  0.77HYIFX Invesco High YieldPairCorr
  0.77HYINX Invesco High YieldPairCorr
  0.9ILAAX Invesco Income AllocationPairCorr
  0.88PXCCX Invesco Select RiskPairCorr
  0.79BRCRX Invesco Balanced RiskPairCorr
  0.79BRCNX Invesco Balanced RiskPairCorr
  0.88PXCIX Invesco Select RiskPairCorr
  0.78BRCCX Invesco Balanced RiskPairCorr
  0.79BRCAX Invesco Balanced RiskPairCorr
  0.79BRCYX Invesco Balanced RiskPairCorr
  0.72PXGGX Invesco Select RiskPairCorr
  0.93EMLDX Invesco Emerging MarketsPairCorr
  0.77PXMQX Invesco Select RiskPairCorr
  0.82PXMSX Invesco Select RiskPairCorr
  0.71DIGGX Invesco DiscoveryPairCorr
  0.77PXMMX Invesco Select RiskPairCorr
  0.72PXQIX Invesco Select RiskPairCorr
  0.86OCACX Oppenheimer Roc CaPairCorr
  0.71OCAIX Oppenheimer AggrssvPairCorr
  0.87OCCIX Oppenheimer CnsrvtvPairCorr
  0.87STBAX Invesco Short TermPairCorr
  0.83STBCX Invesco Short TermPairCorr
  1.0MLPRX Oppenheimer Steelpath MlpPairCorr
  0.87STBYX Invesco Short TermPairCorr
  0.84STBRX Invesco Short TermPairCorr
  0.99MLPDX Oppenheimer Steelpath MlpPairCorr
  0.99MLPAX Oppenheimer Steelpath MlpPairCorr
  1.0MLPGX Oppenheimer Steelpath MlpPairCorr
  0.99MLPFX Oppenheimer Steelpath MlpPairCorr
  1.0MLPMX Oppenheimer Steelpath MlpPairCorr

Moving against Steelpath Mutual Fund

  0.36INGFX Invesco OppenheimerPairCorr

Related Correlations Analysis


Risk-Adjusted Indicators

There is a big difference between Steelpath Mutual Fund performing well and Steelpath Select Mutual Fund doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Steelpath Select's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

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