OIL EQUIPMENT Correlations

Mutual Funds . USA . 
Fund . OIL EQUIPMENT SERVICES
OEPIX Fund  USD 84.29  5.03  5.63%   
The correlation of OIL EQUIPMENT is a statistical measure of how it moves in relation to other equities. 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 OIL EQUIPMENT moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if OIL EQUIPMENT SERVICES 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.
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The ability to find closely correlated positions to OIL EQUIPMENT could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace OIL EQUIPMENT 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 OIL EQUIPMENT - 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 OIL EQUIPMENT SERVICES to buy it.

Moving together with OIL EQUIPMENT

+0.85VENAXVANGUARD ENERGY INDEXPairCorr
+0.85VGENXVANGUARD ENERGY FUNDPairCorr
+0.85VGELXVANGUARD ENERGY FUNDPairCorr
+0.94FSENXFidelity Select PortPairCorr
+0.86FNRCXFIDELITY ADVISOR ENERGYPairCorr
+0.94FAGNXFIDELITY ADVISOR ENERGYPairCorr
+0.94FANAXFIDELITY ADVISOR ENERGYPairCorr
+0.94FANIXFIDELITY ADVISOR ENERGYPairCorr
+0.94FIKAXFIDELITY ADVISOR ENERGYPairCorr
+0.87IENAXINVESCO ENERGY FUNDPairCorr
+0.65BTMKXBlackRock InternationalPairCorr
+0.78MLPNXOPPENHEIMER STEELPATH MLPPairCorr
+0.68SPMJXInvesco SteelPath MLPPairCorr
+0.79MLPMXOPPENHEIMER STEELPATH MLPPairCorr
+0.68SPMPXInvesco SteelPath MLPPairCorr

Related Correlations

FAGNX
FANAX
FIKAX
IENAX
FAGNX
1.01.00.89
FAGNX
FANAX
1.01.00.89
FANAX
FIKAX
1.01.00.89
FIKAX
IENAX
0.890.890.89
IENAX
FAGNX
FANAX
FIKAX
IENAX
Click cells to compare fundamentals   Check Volatility   Backtest Portfolio

Correlation Matchups

The Correlation Coefficient is a useful tool to identify correlated or non-correlated securities, which is essential in developing a diversified portfolio. It tells us the relationship between two positions you have in your portfolio or considering acquiring. Over a given time period, the two securities movetogether 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   
FANAX
+ 1.0
FAGNX
FIKAX
+ 1.0
FAGNX
FIKAX
+ 1.0
FANAX
IENAX
+ 0.89
FAGNX
IENAX
+ 0.89
FANAX
IENAX
+ 0.89
FIKAX
  

Risk-Adjusted Indicators

Nowadays, there is a big difference between OEPIX Mutual Fund performing well and OIL EQUIPMENT Mutual Fund doing well compared to the competition. There are way too many exceptions to the normal that investors can tell for sure what's good or bad unless they analyze OIL EQUIPMENT's multiple risk-adjusted performance indicators. 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		Information
Ratio		Expected
Shortfall		Potential
Upside		Value
At Risk		Maximum
Drawdown
FAGNX 1.57 (0.04)  0.00 (0.08)  0.00 (0.0308)  0.00  3.20 (3.24)  10.05 
FANAX 1.57 (0.05)  0.00 (0.08)  0.00 (0.0328)  0.00  3.20 (3.58)  10.02 
FIKAX 1.58 (0.05)  0.00 (0.08)  0.00 (0.0335)  0.00  3.20 (3.78)  10.02 
IENAX 1.27 (0.08)  0.00  5.02  0.00 (0.0198)  0.00  2.74 (2.31)  8.93 

Be your own money manager

Our tools can tell you how much better you can do entering a position in OIL EQUIPMENT without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.

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Already Invested in OIL EQUIPMENT SERVICES?

The danger of trading OIL EQUIPMENT SERVICES is mainly related to its market volatility and Mutual Fund specific events. As an investor, you must understand the concept of risk-adjusted return before you start trading. The most common way to measure the risk of OIL EQUIPMENT is by using the Sharpe ratio. The ratio expresses how much excess return you acquire for the extra volatility you endure for holding a more risker asset than OIL EQUIPMENT. The Shape ratio is calculated by using standard deviation and excess return to determine reward per unit of risk. To understand how volatile OIL EQUIPMENT SERVICES is, you must compare it to a benchmark. Traditionally, the risk-free rate of return is the rate of return on the shortest-dated U.S. Treasury, such as a 3-year bond.
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Complementary Tools for analysis

When running OIL EQUIPMENT SERVICES price analysis, check to measure OIL EQUIPMENT's market volatility, profitability, liquidity, solvency, efficiency, growth potential, financial leverage, and other vital indicators. We have many different tools that can be utilized to determine how healthy OIL EQUIPMENT is operating at the current time. Most of OIL EQUIPMENT's value examination focuses on studying past and present price action to predict the probability of OIL EQUIPMENT's future price movements. You can analyze the entity against its peers and financial market as a whole to determine factors that move OIL EQUIPMENT's price. Additionally, you may evaluate how the addition of OIL EQUIPMENT to your portfolios can decrease your overall portfolio volatility.
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Please note, there is a significant difference between OIL EQUIPMENT's value and its price as these two are different measures arrived at by different means. Investors typically determine OIL EQUIPMENT value by looking at such factors as earnings, sales, fundamental and technical indicators, competition as well as analyst projections. However, OIL EQUIPMENT's price is the amount at which it trades on the open market and represents the number that a seller and buyer find agreeable to each party.
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