Oppenheimer Steelpath Correlations

OSPSX Fund

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The current 90-days correlation between Oppenheimer Steelpath Mlp and Health Biotchnology Portfolio is 0.15 (i.e., Average diversification). The correlation of Oppenheimer Steelpath 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 Steelpath Correlation With Market

Very weak diversification

The correlation between Oppenheimer Steelpath Mlp and DJI is 0.54 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Oppenheimer Steelpath Mlp 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 Steelpath Mlp. 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 state.

Moving together with Oppenheimer Mutual Fund

0.85	OSCNX	Oppenheimer Main Street	Pair Corr
0.86	OSCYX	Oppenheimer Main Street	Pair Corr
0.99	OSPAX	Oppenheimer Steelpath Mlp	Pair Corr
0.94	OSPMX	Oppenheimer Steelpath Mlp	Pair Corr
0.99	OSPPX	Oppenheimer Steelpath Mlp	Pair Corr
0.86	OSSIX	Oppenheimer Main Street	Pair Corr
0.86	OTCNX	Oppenheimer Cap Apprec	Pair Corr
0.86	OTCYX	Oppenheimer Capital	Pair Corr
0.99	MLPOX	Oppenheimer Steelpath Mlp	Pair Corr
0.99	MLPNX	Oppenheimer Steelpath Mlp	Pair Corr
1.0	MLPTX	Oppenheimer Steelpath Mlp	Pair Corr
0.94	MLPZX	Oppenheimer Steelpath Mlp	Pair Corr
0.9	ODINX	Oppenheimer Discovery	Pair Corr
0.91	ODIYX	Oppenheimer Discovery	Pair Corr
0.9	CGRNX	Oppenheimer Value	Pair Corr
0.9	CGRYX	Oppenheimer Disciplined	Pair Corr
0.94	OEGYX	Oppenhmr Discovery Mid	Pair Corr
0.94	OEGIX	Oppenhmr Discovery Mid	Pair Corr
0.94	OEGNX	Oppenhmr Discovery Mid	Pair Corr
0.86	QOPIX	Oppenheimer Flexible	Pair Corr

Moving against Oppenheimer Mutual Fund

0.77	OSCIX	Oppenheimer Intl Small	Pair Corr
0.77	OSMNX	Oppenheimer Intl Small	Pair Corr
0.77	OSMYX	Oppenheimer Intl Small	Pair Corr
0.52	OSIIX	Oppenheimer Global Strtgc	Pair Corr
0.52	OSIYX	Oppenheimer Strategic	Pair Corr
0.5	OSINX	Oppenheimer Strat Incm	Pair Corr
0.71	OIGNX	Oppenheimer Intl Grwth	Pair Corr
0.71	OIGYX	Oppenheimer International	Pair Corr
0.71	OIGIX	Oppenheimer International	Pair Corr
0.7	OFINX	Oppenheimer Corporate	Pair Corr
0.69	OFIIX	Oppenheimer Corporate	Pair Corr
0.69	OFIYX	Oppenheimer Corporate	Pair Corr
0.65	OIDNX	Oppenheimer Intl Div	Pair Corr
0.65	OIDYX	Oppenheimer Intl Div	Pair Corr
0.64	OEMNX	Ophmr Eml Dbt	Pair Corr

Related Correlations Analysis

	SBHIX	AHSCX	HHCZX	BHCHX	GGHYX	BHSRX	RAGHX
SBHIX		0.81	-0.58	0.78	0.85	0.84	0.83	SBHIX
AHSCX	0.81		-0.31	0.69	0.71	0.73	0.67	AHSCX
HHCZX	-0.58	-0.31		-0.49	-0.75	-0.69	-0.73	HHCZX
BHCHX	0.78	0.69	-0.49		0.92	0.94	0.93	BHCHX
GGHYX	0.85	0.71	-0.75	0.92		0.99	0.99	GGHYX
BHSRX	0.84	0.73	-0.69	0.94	0.99		0.98	BHSRX
RAGHX	0.83	0.67	-0.73	0.93	0.99	0.98		RAGHX
	SBHIX	AHSCX	HHCZX	BHCHX	GGHYX	BHSRX	RAGHX

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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

BHSRX	+ 0.99	GGHYX
RAGHX	+ 0.99	GGHYX
RAGHX	+ 0.98	BHSRX
BHSRX	+ 0.94	BHCHX
RAGHX	+ 0.93	BHCHX
GGHYX	+ 0.92	BHCHX

High negative correlations

GGHYX	- 0.75	HHCZX
RAGHX	- 0.73	HHCZX
BHSRX	- 0.69	HHCZX
HHCZX	- 0.58	SBHIX
BHCHX	- 0.49	HHCZX
HHCZX	- 0.31	AHSCX

Risk-Adjusted Indicators

There is a big difference between Oppenheimer Mutual Fund performing well and Oppenheimer Steelpath 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 Steelpath'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	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
SBHIX	0.63	(0.15)	0.00	(0.13)	0.00	1.00	(1.27)	4.23
AHSCX	0.57	(0.09)	0.00	(0.06)	0.00	0.82	(1.25)	4.55
HHCZX	0.16	0.01	(0.41)	0.16	(0.20)	0.37	(0.31)	1.14
BHCHX	0.65	(0.15)	0.00	(0.10)	0.00	1.27	(1.32)	4.20
GGHYX	0.62	(0.19)	0.00	(0.20)	0.00	0.89	(1.30)	3.73
BHSRX	0.56	(0.17)	0.00	(0.16)	0.00	0.91	(1.31)	3.39
RAGHX	0.61	(0.19)	0.00	(0.16)	0.00	0.92	(1.37)	3.33

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