Gabelli Dividend Correlations

GDV Fund

USD 28.00 0.22 0.79%

The current 90-days correlation between Gabelli Dividend Income and Gabelli Equity Trust is 0.62 (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

Poor diversification

The correlation between Gabelli Dividend Income and DJI is 0.75 (i.e., Poor 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 small area income & poverty estimates.

Moving together with Gabelli Fund

0.69	WRHIX	Ivy High Income	Pair Corr
0.77	WHIAX	Ivy High Income	Pair Corr
0.79	IHIFX	Ivy High Income	Pair Corr
0.76	IVHIX	Ivy High Income	Pair Corr
0.86	UEPIX	Europe 30 Profund	Pair Corr
0.79	APHHX	Artisan Global Equity	Pair Corr
0.71	CLDYX	Columbia Limited Duration	Pair Corr
0.89	DYGAX	Dynamic Growth	Pair Corr
0.88	PJSQX	Prudential Jennison Small	Pair Corr
0.83	NINDX	Columbia Large Cap	Pair Corr
0.81	DPRIX	Dreyfus Worldwide Growth	Pair Corr
0.76	EGIIX	Eaton Vance Greater	Pair Corr
0.9	TSVIX	Transamerica Smallmid Cap	Pair Corr
0.92	CDHRX	Calvert International	Pair Corr
0.75	CDICX	Calvert Short Duration	Pair Corr
0.66	AAUSX	Cavanal Hill Ultra	Pair Corr
0.77	INIIX	International Investors	Pair Corr
0.87	MDVZX	Manning Napier Disci	Pair Corr
0.69	USSBX	Short Term Bond	Pair Corr
0.89	MNMCX	Pro Blend Moderate	Pair Corr
0.83	MEYWX	Manning Napier Equity	Pair Corr
0.86	MSGCX	Meridian Small Cap	Pair Corr
0.91	CPXFX	Cohen Steers Preferred	Pair Corr
0.85	USISX	Income Stock	Pair Corr
0.79	VMGRX	Vanguard Mid Cap	Pair Corr
0.67	MLPEX	Steelpath Select	Pair Corr
0.67	JIBDX	Johnson Institutional	Pair Corr
0.9	MRSAX	Mfs Research Interna	Pair Corr
0.89	FGRSX	Federated International	Pair Corr

Related Correlations Analysis

	GAB	PAXWX	FRFZX	SAIFX	SINAX	JORAX	CBHAX	DWGFX	DREVX	GUT
GAB		0.44	0.85	0.75	0.75	0.82	0.57	0.43	0.79	0.59	GAB
PAXWX	0.44		0.23	0.49	0.49	0.38	-0.08	0.8	0.47	0.35	PAXWX
FRFZX	0.85	0.23		0.63	0.62	0.81	0.78	0.38	0.69	0.7	FRFZX
SAIFX	0.75	0.49	0.63		1.0	0.75	0.33	0.56	0.9	0.55	SAIFX
SINAX	0.75	0.49	0.62	1.0		0.75	0.33	0.56	0.9	0.55	SINAX
JORAX	0.82	0.38	0.81	0.75	0.75		0.5	0.44	0.82	0.55	JORAX
CBHAX	0.57	-0.08	0.78	0.33	0.33	0.5		0.16	0.43	0.59	CBHAX
DWGFX	0.43	0.8	0.38	0.56	0.56	0.44	0.16		0.5	0.57	DWGFX
DREVX	0.79	0.47	0.69	0.9	0.9	0.82	0.43	0.5		0.55	DREVX
GUT	0.59	0.35	0.7	0.55	0.55	0.55	0.59	0.57	0.55		GUT
	GAB	PAXWX	FRFZX	SAIFX	SINAX	JORAX	CBHAX	DWGFX	DREVX	GUT

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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

SINAX	+ 1.0	SAIFX
DREVX	+ 0.9	SAIFX
DREVX	+ 0.9	SINAX
FRFZX	+ 0.85	GAB
JORAX	+ 0.82	GAB
DREVX	+ 0.82	JORAX

High negative correlations

CBHAX

- 0.08

PAXWX

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
GAB	0.68	0.00	(0.02)	0.06	0.80	(0.74)	1.55	(1.34)	3.46
PAXWX	0.35	(0.03)	(0.10)	0.01	0.51	(0.31)	0.74	(0.77)	1.88
FRFZX	0.06	0.00	(0.40)	0.05	0.00	(0.21)	0.11	(0.11)	0.79
SAIFX	0.70	0.17	0.22	0.24	0.30	(0.77)	1.24	(1.00)	12.73
SINAX	0.70	0.16	0.22	0.23	0.29	(0.76)	1.23	(0.94)	12.68
JORAX	0.62	0.15	0.17	0.26	0.43	(0.69)	0.98	(1.00)	11.79
CBHAX	0.18	0.01	(0.17)	(0.07)	0.16	(0.22)	0.47	(0.36)	1.17
DWGFX	0.62	0.04	0.02	0.11	0.72	(0.68)	1.43	(1.03)	4.01
DREVX	0.80	0.16	0.14	0.28	0.76	(0.85)	1.54	(1.47)	11.83
GUT	0.71	0.01	(0.02)	0.11	0.98	(0.80)	1.55	(1.35)	5.76

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