Gabelli Dividend Correlations

GDV Fund

USD 25.22 0.16 0.64%

The current 90-days correlation between Gabelli Dividend Income and Gabelli Equity Trust is 0.69 (i.e., Poor diversification). The correlation of Gabelli Dividend 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 Dividend Correlation With Market

Weak diversification

The correlation between Gabelli Dividend Income and DJI is 0.36 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Gabelli Dividend Income 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 Dividend Income. Also, note that the market value of any fund could be closely tied with the direction of predictive economic indicators such as signals in unemployment.

Moving together with Gabelli Fund

0.65	NEA	Nuveen Amt Free	Pair Corr
0.71	NVG	Nuveen Amt Free	Pair Corr
0.95	ALCEX	Avantis Large Cap	Pair Corr
0.95	DFEOX	Us E Equity	Pair Corr
0.89	EVT	Eaton Vance Tax	Pair Corr
0.68	APWEX	World Energy	Pair Corr
0.92	ARTNX	Artisan Select Equity	Pair Corr
0.94	HCYAX	Direxion Hilton Tactical	Pair Corr
0.95	DURPX	Us High Relative	Pair Corr
0.91	VOLJX	Abr 7525 Volatility	Pair Corr
0.87	VFIAX	Vanguard 500 Index	Pair Corr
0.92	JQLBX	Multimanager Lifestyle	Pair Corr
0.93	USA	Liberty All Star	Pair Corr
0.76	AGTHX	Growth Fund	Pair Corr
0.93	JRODX	J Hancock Ii	Pair Corr
0.8	FSBCX	Federated Global All	Pair Corr
0.87	VFINX	Vanguard 500 Index	Pair Corr
0.75	LTMIX	Thornburg Limited Term	Pair Corr
0.89	GSWPX	Goldman Sachs Smallmid	Pair Corr

Related Correlations Analysis

	GGT	GAB	GRX	GCV	RFMZ	CXH	ETB	ACV	FUND
GGT		0.88	0.01	0.86	0.34	0.38	0.74	0.85	0.41	GGT
GAB	0.88		0.19	0.87	0.5	0.57	0.68	0.83	0.62	GAB
GRX	0.01	0.19		-0.2	0.69	0.52	-0.43	-0.23	0.7	GRX
GCV	0.86	0.87	-0.2		0.24	0.39	0.85	0.92	0.32	GCV
RFMZ	0.34	0.5	0.69	0.24		0.78	-0.01	0.21	0.89	RFMZ
CXH	0.38	0.57	0.52	0.39	0.78		0.03	0.27	0.79	CXH
ETB	0.74	0.68	-0.43	0.85	-0.01	0.03		0.94	0.01	ETB
ACV	0.85	0.83	-0.23	0.92	0.21	0.27	0.94		0.27	ACV
FUND	0.41	0.62	0.7	0.32	0.89	0.79	0.01	0.27		FUND
	GGT	GAB	GRX	GCV	RFMZ	CXH	ETB	ACV	FUND

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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

ACV	+ 0.94	ETB
ACV	+ 0.92	GCV
FUND	+ 0.89	RFMZ
GAB	+ 0.88	GGT
GCV	+ 0.87	GAB
GCV	+ 0.86	GGT

High negative correlations

ETB	- 0.43	GRX
ACV	- 0.23	GRX
GCV	- 0.2	GRX
ETB	- 0.01	RFMZ

Risk-Adjusted Indicators

There is a big difference between Gabelli Fund performing well and Gabelli Dividend 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 Dividend'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
GGT	0.75	0.14	0.07	0.56	0.97	(0.86)	1.68	(1.30)	7.01
GAB	0.66	0.06	0.00	0.36	0.85	(0.76)	1.53	(1.47)	5.32
GRX	0.69	(0.07)	0.00	(0.06)	0.00	0.00	1.33	(2.07)	3.80
GCV	0.97	0.08	0.03	0.28	1.14	(1.04)	1.89	(1.55)	5.96
RFMZ	0.52	(0.02)	0.00	(0.06)	0.00	0.00	1.11	(1.07)	3.10
CXH	0.43	(0.01)	(0.10)	(0.04)	0.68	(0.40)	0.76	(1.01)	3.18
ETB	0.44	0.08	0.03	0.62	0.42	(0.48)	1.03	(0.95)	3.11
ACV	0.74	0.12	0.08	0.45	0.75	(0.81)	1.69	(1.24)	4.71
FUND	0.71	(0.02)	(0.09)	(0.04)	0.88	(0.75)	1.30	(1.30)	6.34

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