I made this graph to show how the OOO fund has failed to track WTI crude spot prices over time.
Methodology: Time series data collected for OOO (AUD), WTI (USD) and USD/AUD exchange rates. OOO converted to USD, then divided by WTI price, then normalised by the series start date and expressed as a percentage.
Conclusion: Holding OOO long term tends to destroy wealth due to the effects of contango.
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Correlation with oil price futures??????, page-106
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