Oppenheimer Discovery Correlations

ODIIX Fund

USD 142.76 1.69 1.17%

The current 90-days correlation between Oppenheimer Discovery and Ab Discovery Value is 0.84 (i.e., Very poor diversification). The correlation of Oppenheimer Discovery 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.

Oppenheimer Discovery Correlation With Market

Very poor diversification

The correlation between Oppenheimer Discovery Fd and DJI is 0.85 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Oppenheimer Discovery Fd and DJI in the same portfolio, assuming nothing else is changed.

Check out Your Equity Center to better understand how to build diversified portfolios, which includes a position in Oppenheimer Discovery Fd. 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 gross domestic product.

Moving together with Oppenheimer Mutual Fund

0.97	OARDX	Oppenheimer Rising	Pair Corr
0.76	AMHYX	Invesco High Yield	Pair Corr
0.77	HYIFX	Invesco High Yield	Pair Corr
0.78	HYINX	Invesco High Yield	Pair Corr
0.61	ILAAX	Invesco Income Allocation	Pair Corr
0.96	PXGGX	Invesco Select Risk	Pair Corr
0.95	OTFCX	Oppenheimer Target	Pair Corr
0.84	PXMQX	Invesco Select Risk	Pair Corr
0.84	PXMSX	Invesco Select Risk	Pair Corr
1.0	DIGGX	Invesco Discovery	Pair Corr
0.84	PXMMX	Invesco Select Risk	Pair Corr
0.96	PXQIX	Invesco Select Risk	Pair Corr
0.96	OCAIX	Oppenheimer Aggrssv	Pair Corr
0.83	MLPRX	Oppenheimer Steelpath Mlp	Pair Corr
0.84	MLPDX	Oppenheimer Steelpath Mlp	Pair Corr
0.89	MLPAX	Oppenheimer Steelpath Mlp	Pair Corr
0.89	MLPGX	Oppenheimer Steelpath Mlp	Pair Corr
0.92	MLPFX	Oppenheimer Steelpath Mlp	Pair Corr
0.92	MLPEX	Steelpath Select	Pair Corr
0.89	MLPMX	Oppenheimer Steelpath Mlp	Pair Corr

Moving against Oppenheimer Mutual Fund

0.65	OSMAX	Oppenheimer International	Pair Corr
0.65	OSMCX	Oppenheimer International	Pair Corr
0.49	OSICX	Oppenheimer Strategic	Pair Corr
0.56	EMLDX	Invesco Emerging Markets	Pair Corr
0.54	INGFX	Invesco Oppenheimer	Pair Corr
0.48	INDFX	Invesco International	Pair Corr
0.4	INBQX	Aim Investment Funds	Pair Corr

Related Correlations Analysis

	ABYSX	VISVX	MGPIX	QRSAX	HFMDX	MLPSX	UMPSX
ABYSX		0.99	0.98	0.92	0.96	0.94	0.99	ABYSX
VISVX	0.99		0.98	0.93	0.96	0.95	0.99	VISVX
MGPIX	0.98	0.98		0.9	0.97	0.92	0.99	MGPIX
QRSAX	0.92	0.93	0.9		0.89	0.99	0.92	QRSAX
HFMDX	0.96	0.96	0.97	0.89		0.92	0.97	HFMDX
MLPSX	0.94	0.95	0.92	0.99	0.92		0.94	MLPSX
UMPSX	0.99	0.99	0.99	0.92	0.97	0.94		UMPSX
	ABYSX	VISVX	MGPIX	QRSAX	HFMDX	MLPSX	UMPSX

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Risk-Adjusted Indicators

There is a big difference between Oppenheimer Mutual Fund performing well and Oppenheimer Discovery 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 Oppenheimer Discovery'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
ABYSX	0.80	(0.04)	0.00	0.09	0.84	(0.95)	1.73	(1.80)	5.95
VISVX	0.73	(0.01)	0.02	0.12	0.64	(0.81)	1.65	(1.35)	5.74
MGPIX	0.73	(0.03)	(0.01)	0.10	0.79	(0.75)	1.65	(1.18)	5.11
QRSAX	0.78	0.12	0.02	1.43	0.69	(0.91)	1.87	(1.28)	6.37
HFMDX	0.93	0.02	0.05	0.14	0.98	(1.07)	2.34	(1.56)	5.63
MLPSX	0.70	0.13	0.03	1.56	0.59	(0.75)	1.65	(1.39)	5.59
UMPSX	1.43	(0.03)	0.07	0.11	1.42	(1.55)	3.41	(2.41)	10.41

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