Gabelli Convertible Correlations

GCV Fund

USD 4.51 0.02 0.44%

The current 90-days correlation between Gabelli Convertible And and Allianzgi Diversified Income is 0.55 (i.e., Very weak diversification). The correlation of Gabelli Convertible 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.

Gabelli Convertible Correlation With Market

Almost no diversification

The correlation between Gabelli Convertible And and DJI is 0.9 (i.e., Almost no diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Gabelli Convertible And 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 Gabelli Convertible And. Also, note that the market value of any fund could be closely tied with the direction of predictive economic indicators such as signals in services.

Moving together with Gabelli Fund

0.96	KF	Korea Closed	Pair Corr
0.71	UTG	Reaves Utility If	Pair Corr
0.89	BTO	John Hancock Financial	Pair Corr
0.95	TWN	Taiwan Closed	Pair Corr
0.96	GDV	Gabelli Dividend Income	Pair Corr
0.87	TDF	Templeton Dragon Closed	Pair Corr
0.89	UTF	Cohen And Steers	Pair Corr
0.71	BRIUX	Baron Real Estate	Pair Corr
0.89	HIGUX	Eagle Growth Income	Pair Corr
0.75	RICCX	Investment Of America	Pair Corr
0.97	FHNDX	Fidelity Freedom Blend	Pair Corr
0.95	HASAX	Horizon Active Asset	Pair Corr
0.86	FTOIX	Franklin Ohio Tax	Pair Corr
0.96	HGXSX	Hartford Global Impact	Pair Corr
0.84	WIMVX	Westcore Global Large	Pair Corr
0.93	VMFGX	Vanguard Sp Mid	Pair Corr
0.97	VGPMX	Vanguard Global Capital	Pair Corr
0.92	MRBPX	Blackrock Bal Cap	Pair Corr
0.76	PFGGX	Pfg American Funds	Pair Corr
0.9	MGICX	Mfs International Value	Pair Corr
0.95	FSBLX	Federated Global All	Pair Corr
0.9	PRSAX	T Rowe Price	Pair Corr
0.92	CDSRX	Calvert Short Duration	Pair Corr
0.95	RALAX	Growth Strategy	Pair Corr
0.81	BABDX	Blackrock Gbl Dividend	Pair Corr
0.77	JGMAX	Janus Triton	Pair Corr
0.63	MRFOX	Marshfield Concentrated	Pair Corr
0.96	IISTX	Voya Index Solution	Pair Corr
0.9	ANNPX	Allianzgi Vertible	Pair Corr
0.94	FBGTX	American Funds 2040	Pair Corr
0.95	ACRIX	Horizon Active Risk	Pair Corr
0.97	RBEHX	American Funds 2020	Pair Corr
0.84	LBDRX	Legg Mason Bw	Pair Corr
0.95	FPTPX	American Funds Conse	Pair Corr
0.71	MXSFX	Great West Real	Pair Corr

Moving against Gabelli Fund

0.57	IIF	Morgan Stanley India	Pair Corr
0.38	IFN	India Closed	Pair Corr
0.46	PJFZX	Prudential Jennison	Pair Corr

Related Correlations Analysis

	NAN	PFL	WAMVX	HFRO	ACV	BRW	ASG	AFB	JRI
NAN		0.25	0.05	0.65	0.18	-0.51	-0.22	0.72	-0.25	NAN
PFL	0.25		0.83	0.56	0.86	-0.53	0.54	0.62	0.27	PFL
WAMVX	0.05	0.83		0.49	0.93	-0.66	0.55	0.62	0.16	WAMVX
HFRO	0.65	0.56	0.49		0.58	-0.59	0.17	0.8	-0.05	HFRO
ACV	0.18	0.86	0.93	0.58		-0.57	0.66	0.67	0.17	ACV
BRW	-0.51	-0.53	-0.66	-0.59	-0.57		0.13	-0.76	0.42	BRW
ASG	-0.22	0.54	0.55	0.17	0.66	0.13		0.14	0.62	ASG
AFB	0.72	0.62	0.62	0.8	0.67	-0.76	0.14		-0.12	AFB
JRI	-0.25	0.27	0.16	-0.05	0.17	0.42	0.62	-0.12		JRI
	NAN	PFL	WAMVX	HFRO	ACV	BRW	ASG	AFB	JRI

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

ACV	+ 0.93	WAMVX
ACV	+ 0.86	PFL
WAMVX	+ 0.83	PFL
AFB	+ 0.8	HFRO
AFB	+ 0.72	NAN
AFB	+ 0.67	ACV

High negative correlations

AFB	- 0.76	BRW
BRW	- 0.66	WAMVX
BRW	- 0.59	HFRO
BRW	- 0.57	ACV
BRW	- 0.53	PFL
BRW	- 0.51	NAN

Risk-Adjusted Indicators

There is a big difference between Gabelli Fund performing well and Gabelli Convertible 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 Gabelli Convertible'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
NAN	0.27	0.03	(0.04)	1.45	0.27	(0.31)	0.53	(0.53)	1.35
PFL	0.26	0.04	0.00	0.84	0.24	(0.28)	0.49	(0.49)	1.49
WAMVX	1.15	0.32	0.24	1.48	0.77	(1.63)	2.60	(1.96)	15.68
HFRO	0.92	(0.01)	(0.02)	0.02	1.42	(1.03)	2.00	(1.85)	6.28
ACV	0.77	0.05	0.04	0.12	0.95	(0.81)	1.53	(1.28)	5.06
BRW	0.44	(0.15)	0.00	(0.48)	0.00	0.00	0.73	(1.17)	2.82
ASG	0.74	(0.06)	0.00	(0.04)	0.00	0.00	1.72	(1.70)	4.09
AFB	0.24	0.02	(0.05)	0.40	0.20	(0.28)	0.55	(0.46)	1.48
JRI	0.56	(0.02)	(0.04)	(0.01)	1.06	(0.57)	1.14	(1.24)	6.26

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