Steelpath Select Correlations

MLPEX Fund

USD 7.53 0.06 0.80%

The current 90-days correlation between Steelpath Select and Prudential Emerging Markets is 0.32 (i.e., Weak 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

Weak diversification

The correlation between Steelpath Select 40 and DJI is 0.38 (i.e., Weak 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 american community survey.

Moving together with Steelpath Mutual Fund

0.63	OARDX	Oppenheimer Rising	Pair Corr
0.83	AMHYX	Invesco High Yield	Pair Corr
0.76	OSICX	Oppenheimer Strategic	Pair Corr
0.83	HYIFX	Invesco High Yield	Pair Corr
0.84	HYINX	Invesco High Yield	Pair Corr
0.73	ILAAX	Invesco Income Allocation	Pair Corr
0.69	BRCRX	Invesco Balanced Risk	Pair Corr
0.69	BRCNX	Invesco Balanced Risk	Pair Corr
0.68	BRCCX	Invesco Balanced Risk	Pair Corr
0.69	BRCAX	Invesco Balanced Risk	Pair Corr
0.69	BRCYX	Invesco Balanced Risk	Pair Corr
0.89	EMLDX	Invesco Emerging Markets	Pair Corr
0.83	STBAX	Invesco Short Term	Pair Corr
0.8	STBCX	Invesco Short Term	Pair Corr
0.96	MLPRX	Oppenheimer Steelpath Mlp	Pair Corr
0.8	STBYX	Invesco Short Term	Pair Corr
0.78	STBRX	Invesco Short Term	Pair Corr
0.96	MLPDX	Oppenheimer Steelpath Mlp	Pair Corr
0.99	MLPAX	Oppenheimer Steelpath Mlp	Pair Corr
0.99	MLPGX	Oppenheimer Steelpath Mlp	Pair Corr
1.0	MLPFX	Oppenheimer Steelpath Mlp	Pair Corr
0.99	MLPMX	Oppenheimer Steelpath Mlp	Pair Corr

Moving against Steelpath Mutual Fund

0.54	INGFX	Invesco Oppenheimer	Pair Corr
0.33	INDFX	Invesco International	Pair Corr

Related Correlations Analysis

	EMDQX	RYCCX	EPASX	DEDCX	SYMAX	PCEMX	IGIEX
EMDQX		0.65	0.71	0.9	0.79	0.74	0.82	EMDQX
RYCCX	0.65		0.66	0.74	0.79	0.9	0.59	RYCCX
EPASX	0.71	0.66		0.61	0.74	0.69	0.56	EPASX
DEDCX	0.9	0.74	0.61		0.78	0.83	0.83	DEDCX
SYMAX	0.79	0.79	0.74	0.78		0.73	0.54	SYMAX
PCEMX	0.74	0.9	0.69	0.83	0.73		0.65	PCEMX
IGIEX	0.82	0.59	0.56	0.83	0.54	0.65		IGIEX
	EMDQX	RYCCX	EPASX	DEDCX	SYMAX	PCEMX	IGIEX

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.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
EMDQX	0.19	0.02	(0.10)	0.18	0.08	(0.26)	0.41	(0.41)	1.02
RYCCX	1.82	0.12	0.07	0.12	2.38	(1.95)	4.31	(4.11)	16.28
EPASX	0.55	0.00	(0.03)	0.06	0.65	(0.60)	1.39	(0.79)	3.02
DEDCX	0.07	0.00	(0.28)	0.13	0.00	(0.14)	0.13	(0.13)	0.39
SYMAX	0.56	0.02	0.01	0.08	0.67	(0.57)	1.14	(1.29)	2.96
PCEMX	0.64	0.09	0.07	0.18	0.80	(0.75)	1.62	(1.34)	5.04
IGIEX	0.17	0.03	(0.06)	0.29	0.00	(0.23)	0.34	(0.33)	1.12

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