The Gabelli Correlations

GABIX Fund

USD 55.73 0.22 0.40%

The current 90-days correlation between Gabelli Asset and Pioneer High Yield is 0.39 (i.e., Weak diversification). The correlation of The Gabelli 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.

The Gabelli Correlation With Market

Almost no diversification

The correlation between The Gabelli Asset and DJI is 0.91 (i.e., Almost no diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding The Gabelli Asset and DJI in the same portfolio, assuming nothing else is changed.

Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in The Gabelli Asset. 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 gross domestic product.

Moving together with The Mutual Fund

0.9	GCFSX	Gabelli Global Financial	Pair Corr
0.99	GCIEX	Gabelli Equity	Pair Corr
0.95	EMACX	Enterprise Mergers And	Pair Corr
0.95	EMAAX	Enterprise Mergers And	Pair Corr
0.95	EMAYX	Enterprise Mergers And	Pair Corr
0.64	GUXPX	Gabelli Utilities	Pair Corr
0.98	GVCAX	Gabelli Value	Pair Corr
0.98	GVCCX	Gabelli Value	Pair Corr
0.99	GVCIX	Gabelli Val	Pair Corr
0.91	MLGLX	Gabelli Media Mogul	Pair Corr
0.99	GEICX	Gabelli Equity Income	Pair Corr
0.91	GWSAX	Gabelli Focus	Pair Corr
0.91	GWSCX	Gabelli Focus	Pair Corr
0.92	GWSIX	Gabelli Focus	Pair Corr
0.91	GWSVX	Gabelli Focus	Pair Corr
0.89	GFSIX	Gabelli Global Financial	Pair Corr
0.88	GGCAX	Gabelli Growth	Pair Corr
0.88	GGCCX	Gabelli Growth	Pair Corr
0.88	GGCIX	Gabelli Growth	Pair Corr
0.89	GGFSX	Gabelli Global Financial	Pair Corr
0.91	GGGAX	Gamco Global Growth	Pair Corr
0.91	GGGCX	Gamco Global Growth	Pair Corr
0.91	GGGIX	Gamco Global Growth	Pair Corr
0.94	GGMMX	Gabelli Global Mini	Pair Corr
0.9	MOGLX	Gabelli Media Mogul	Pair Corr
0.91	GICPX	Gamco Global Growth	Pair Corr
0.95	EAAAX	Enterprise Mergers And	Pair Corr
0.88	DRCVX	Comstock Capital Value	Pair Corr
0.94	GMNAX	Gabelli Global Mini	Pair Corr
0.94	GMNCX	Gabelli Global Mini	Pair Corr
0.88	COMVX	Comstock Capital Value	Pair Corr

Moving against The Mutual Fund

0.56	GGLCX	Gamco Global Opportunity	Pair Corr
0.5	GCIGX	Gamco International	Pair Corr
0.48	GIIGX	Gamco International	Pair Corr
0.56	GLOIX	Gamco Global Opportunity	Pair Corr
0.56	GOCAX	Gamco Global Opportunity	Pair Corr
0.56	GABOX	Gamco Global Opportunity	Pair Corr
0.48	GIGRX	Gamco International	Pair Corr

Related Correlations Analysis

	PYICX	AGTFX	AAARX	MWHIX	AWF	ARCNX
PYICX		0.72	0.76	0.85	0.2	0.59	PYICX
AGTFX	0.72		0.98	0.44	-0.01	0.71	AGTFX
AAARX	0.76	0.98		0.47	-0.01	0.62	AAARX
MWHIX	0.85	0.44	0.47		0.47	0.5	MWHIX
AWF	0.2	-0.01	-0.01	0.47		0.21	AWF
ARCNX	0.59	0.71	0.62	0.5	0.21		ARCNX
	PYICX	AGTFX	AAARX	MWHIX	AWF	ARCNX

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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

AAARX	+ 0.98	AGTFX
MWHIX	+ 0.85	PYICX
AAARX	+ 0.76	PYICX
AGTFX	+ 0.72	PYICX
ARCNX	+ 0.71	AGTFX
ARCNX	+ 0.62	AAARX

High negative correlations

AWF	- 0.01	AAARX
AWF	- 0.01	AGTFX

Risk-Adjusted Indicators

There is a big difference between The Mutual Fund performing well and The Gabelli 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 The Gabelli'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
PYICX	0.11	0.01	(0.65)	0.24	0.00	(0.16)	0.22	(0.22)	0.78
AGTFX	0.52	(0.03)	(0.09)	0.09	0.55	(0.61)	1.15	(0.88)	3.06
AAARX	0.43	(0.01)	(0.09)	0.11	0.44	(0.51)	0.93	(0.70)	2.37
MWHIX	0.10	0.01	(0.77)	1.23	0.00	(0.19)	0.22	(0.21)	0.65
AWF	0.33	(0.02)	(0.28)	0.02	0.38	(0.39)	0.65	(0.74)	1.91
ARCNX	0.63	0.06	(0.07)	(1.17)	0.87	(0.61)	1.51	(1.37)	3.74

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