Oppenheimer Discovery Correlations

OEGAX Fund

USD 29.53 1.56 5.02%

The current 90-days correlation between Oppenheimer Discovery Mid and Matson Money Equity is 0.67 (i.e., 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

Poor diversification

The correlation between Oppenheimer Discovery Mid and DJI is 0.69 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Oppenheimer Discovery Mid 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 Mid. 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 nation.

Moving together with Oppenheimer Mutual Fund

0.86	OARDX	Oppenheimer Rising	Pair Corr
0.8	AMHYX	Invesco High Yield	Pair Corr
0.81	HYIFX	Invesco High Yield	Pair Corr
0.81	HYINX	Invesco High Yield	Pair Corr
0.93	PXGGX	Invesco Select Risk	Pair Corr
0.94	OTFCX	Oppenheimer Target	Pair Corr
0.84	PXMQX	Invesco Select Risk	Pair Corr
0.8	PXMSX	Invesco Select Risk	Pair Corr
0.98	DIGGX	Invesco Discovery	Pair Corr
0.85	PXMMX	Invesco Select Risk	Pair Corr
0.93	PXQIX	Invesco Select Risk	Pair Corr
0.92	OCAIX	Oppenheimer Aggrssv	Pair Corr
0.87	MLPRX	Oppenheimer Steelpath Mlp	Pair Corr
0.87	MLPDX	Oppenheimer Steelpath Mlp	Pair Corr
0.94	MLPAX	Oppenheimer Steelpath Mlp	Pair Corr
0.94	MLPGX	Oppenheimer Steelpath Mlp	Pair Corr
0.95	MLPFX	Oppenheimer Steelpath Mlp	Pair Corr
0.95	MLPEX	Steelpath Select	Pair Corr
0.94	MLPMX	Oppenheimer Steelpath Mlp	Pair Corr

Moving against Oppenheimer Mutual Fund

0.69	OSMAX	Oppenheimer International	Pair Corr
0.69	OSMCX	Oppenheimer International	Pair Corr
0.63	OSICX	Oppenheimer Strategic	Pair Corr
0.76	EMLDX	Invesco Emerging Markets	Pair Corr
0.38	STBAX	Invesco Short Term	Pair Corr
0.37	STBCX	Invesco Short Term	Pair Corr
0.68	INDFX	Invesco International	Pair Corr
0.6	INBQX	Aim Investment Funds	Pair Corr
0.57	INGFX	Invesco Oppenheimer	Pair Corr

Related Correlations Analysis

	FMVUX	JHMXX	SMAAX	POIXX	STPXX	ELMXX	GABXX
FMVUX		0.0	-0.29	0.53	0.0	0.0	0.51	FMVUX
JHMXX	0.0		0.0	0.0	0.0	0.0	0.0	JHMXX
SMAAX	-0.29	0.0		-0.45	0.0	0.0	-0.41	SMAAX
POIXX	0.53	0.0	-0.45		0.0	0.0	0.9	POIXX
STPXX	0.0	0.0	0.0	0.0		0.0	0.0	STPXX
ELMXX	0.0	0.0	0.0	0.0	0.0		0.0	ELMXX
GABXX	0.51	0.0	-0.41	0.9	0.0	0.0		GABXX
	FMVUX	JHMXX	SMAAX	POIXX	STPXX	ELMXX	GABXX

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

GABXX	+ 0.9	POIXX
POIXX	+ 0.53	FMVUX
GABXX	+ 0.51	FMVUX
JHMXX	+ 0.0	FMVUX
STPXX	+ 0.0	FMVUX
ELMXX	+ 0.0	FMVUX

High negative correlations

POIXX	- 0.45	SMAAX
GABXX	- 0.41	SMAAX
SMAAX	- 0.29	FMVUX
GABXX	- 0.0	ELMXX
GABXX	- 0.0	STPXX
ELMXX	- 0.0	STPXX

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
FMVUX	0.67	0.02	0.06	0.12	0.41	(0.81)	1.49	(0.98)	6.14
JHMXX	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
SMAAX	0.12	(0.02)	0.00	(0.24)	0.00	0.00	0.20	(0.30)	0.99
POIXX	0.03	0.01	0.00	(2.53)	0.00	0.00	0.00	0.00	1.01
STPXX	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
ELMXX	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
GABXX	0.03	0.00	0.00	0.35	0.00	0.00	0.00	0.00	1.01

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