Oppenhmr Discovery Correlations

OEGYX Fund

USD 31.01 0.27 0.86%

The correlation of Oppenhmr 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 perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Oppenhmr Discovery moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Oppenhmr Discovery Mid moves in either direction, the perfectly negatively correlated security will move in the opposite direction. If the correlation is 0, the equities are not correlated; they are entirely random. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.

Poor diversification

The correlation between Oppenhmr Discovery Mid and NYA is 0.77 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Oppenhmr Discovery Mid and NYA 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 Oppenhmr 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 manufacturing.

The ability to find closely correlated positions to Oppenhmr Discovery could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Oppenhmr Discovery when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Oppenhmr Discovery - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Oppenhmr Discovery Mid to buy it.

Moving together with Oppenhmr Mutual Fund

0.85	OSCNX	Oppenheimer Main Street	Pair Corr
0.77	OSCIX	Oppenheimer Intl Small	Pair Corr
0.84	OSCYX	Oppenheimer Main Street	Pair Corr
0.66	OSIIX	Oppenheimer Global Strtgc	Pair Corr
0.71	OSINX	Oppenheimer Strat Incm	Pair Corr
0.69	OSIYX	Oppenheimer Strategic	Pair Corr
0.77	OSMNX	Oppenheimer Intl Small	Pair Corr
0.77	OSMYX	Oppenheimer Intl Small	Pair Corr
0.83	OSSIX	Oppenheimer Main Street	Pair Corr
0.63	OTCNX	Oppenheimer Cap Apprec	Pair Corr
0.62	OTCYX	Oppenheimer Capital	Pair Corr

Related Correlations Analysis

	BGSIX	SHSSX	444859BR2	AQUI	BRRAY	MSTSX	ABHYX	LBHIX	SCAXF	VIASP
BGSIX		0.78	-0.07	0.0	0.26	0.68	0.64	0.73	0.23	0.67	BGSIX
SHSSX	0.78		0.12	0.0	0.1	0.72	0.83	0.75	0.19	0.42	SHSSX
444859BR2	-0.07	0.12		0.0	-0.16	0.02	0.11	-0.06	-0.01	-0.15	444859BR2
AQUI	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0	0.0	AQUI
BRRAY	0.26	0.1	-0.16	0.0		0.49	0.21	0.51	0.76	0.68	BRRAY
MSTSX	0.68	0.72	0.02	0.0	0.49		0.73	0.83	0.58	0.74	MSTSX
ABHYX	0.64	0.83	0.11	0.0	0.21	0.73		0.82	0.32	0.42	ABHYX
LBHIX	0.73	0.75	-0.06	0.0	0.51	0.83	0.82		0.59	0.69	LBHIX
SCAXF	0.23	0.19	-0.01	0.0	0.76	0.58	0.32	0.59		0.63	SCAXF
VIASP	0.67	0.42	-0.15	0.0	0.68	0.74	0.42	0.69	0.63		VIASP
	BGSIX	SHSSX	444859BR2	AQUI	BRRAY	MSTSX	ABHYX	LBHIX	SCAXF	VIASP

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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

ABHYX	+ 0.83	SHSSX
LBHIX	+ 0.83	MSTSX
LBHIX	+ 0.82	ABHYX
SHSSX	+ 0.78	BGSIX
SCAXF	+ 0.76	BRRAY
LBHIX	+ 0.75	SHSSX

High negative correlations

BRRAY	- 0.16	444859BR2
VIASP	- 0.15	444859BR2
444859BR2	- 0.07	BGSIX
LBHIX	- 0.06	444859BR2
SCAXF	- 0.01	444859BR2
VIASP	- 0.0	AQUI

Risk-Adjusted Indicators

There is a big difference between Oppenhmr Mutual Fund performing well and Oppenhmr 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 Oppenhmr 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
BGSIX	1.02	0.07	0.05	0.10	1.18	(1.31)	2.30	(2.34)	6.33
SHSSX	0.49	0.01	(0.02)	0.14	0.67	(0.51)	1.24	(1.01)	3.08
444859BR2	0.72	0.13	0.08	0.43	1.07	(0.83)	1.60	(0.97)	8.02
AQUI	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
BRRAY	3.24	0.63	0.05	(0.75)	4.01	(11.30)	16.06	(10.26)	45.69
MSTSX	0.47	0.03	0.03	0.06	0.70	(0.47)	0.92	(1.29)	3.08
ABHYX	0.15	0.00	(0.08)	0.07	0.14	(0.21)	0.34	(0.35)	1.03
LBHIX	0.17	0.01	(0.04)	0.09	0.10	(0.29)	0.49	(0.25)	0.98
SCAXF	4.43	1.91	0.00	(0.21)	0.00	0.00	0.00	0.00	182.60
VIASP	1.28	0.36	0.16	0.27	1.70	(1.37)	3.96	(2.60)	13.41

Other Information on Investing in Oppenhmr Mutual Fund

Oppenhmr Discovery financial ratios help investors to determine whether Oppenhmr Mutual Fund is cheap or expensive when compared to a particular measure, such as profits or enterprise value. In other words, they help investors to determine the cost of investment in Oppenhmr with respect to the benefits of owning Oppenhmr Discovery security.

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