Gabelli Dividend Correlations

GDV Fund

USD 29.17 0.01 0.03%

The current 90-days correlation between Gabelli Dividend Income and Gabelli Equity Trust is 0.54 (i.e., Very weak 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

Almost no diversification

The correlation between Gabelli Dividend Income and DJI is 0.93 (i.e., Almost no 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

0.9	NEA	Nuveen Amt Free	Pair Corr
0.84	NVG	Nuveen Amt Free	Pair Corr
0.91	LAAFX	Lord Abbett Affiliated	Pair Corr
0.64	JHTRX	Jpmorgan Hedged Equity	Pair Corr
0.82	GHYAX	Goldman Sachs High	Pair Corr
0.84	NJCCX	Nuveen New Jersey	Pair Corr
0.64	RBEEX	American Funds 2030	Pair Corr
0.97	AMECX	Income Fund	Pair Corr
0.93	OGMCX	Oppenheimer Gold Special	Pair Corr
0.84	GCEYX	Ab Global E	Pair Corr
0.95	MACKX	Mfs Servative Allocation	Pair Corr
0.98	AMDWX	Amana Developing World	Pair Corr
0.96	EKGIX	Wells Fargo Global	Pair Corr
0.91	APPLX	Appleseed Fund Appleseed	Pair Corr
0.94	FIQBX	Fidelity Asset Manager	Pair Corr
0.91	LDLVX	Lord Abbett Short	Pair Corr
0.93	WGIFX	Capital World Growth	Pair Corr
0.76	SVSPX	Ssga Sp 500	Pair Corr
0.86	BXMIX	Blackstone Alternative	Pair Corr
0.71	VGHCX	Vanguard Health Care	Pair Corr
0.91	TEAFX	Tax Exempt Bond	Pair Corr
0.95	STRYX	Pioneer Strategic Income	Pair Corr
0.84	GCECX	Ab Global E	Pair Corr
0.84	GCEAX	Ab Global E	Pair Corr
0.94	CLBAX	American Balanced	Pair Corr
0.96	AMFNX	Asg Managed Futures	Pair Corr
0.94	DEMCX	Delaware Emerging Markets Steady Growth	Pair Corr
0.83	ANFFX	New Economy Fund	Pair Corr
0.89	DNAVX	Dunham Dynamic Macro	Pair Corr
0.66	NPNRX	Neuberger Berman Large	Pair Corr
0.88	CSAIX	Credit Suisse Managed	Pair Corr
0.97	CSPFX	Smallcap World	Pair Corr
0.93	EMLDX	Invesco Emerging Markets	Pair Corr

Moving against Gabelli Fund

0.51

CYCL

Centennial Communications

Pair Corr

Related Correlations Analysis

	GAB	PAXWX	FRFZX	SAIFX	SINAX	JORAX	CBHAX	DWGFX	DREVX	GUT
GAB		0.51	0.43	0.81	0.78	0.78	0.56	0.7	0.55	0.65	GAB
PAXWX	0.51		0.77	0.67	0.72	0.73	0.27	0.67	0.61	0.73	PAXWX
FRFZX	0.43	0.77		0.67	0.7	0.66	0.28	0.69	0.46	0.69	FRFZX
SAIFX	0.81	0.67	0.67		0.98	0.87	0.56	0.89	0.59	0.75	SAIFX
SINAX	0.78	0.72	0.7	0.98		0.87	0.56	0.9	0.57	0.75	SINAX
JORAX	0.78	0.73	0.66	0.87	0.87		0.46	0.79	0.65	0.71	JORAX
CBHAX	0.56	0.27	0.28	0.56	0.56	0.46		0.74	-0.05	0.31	CBHAX
DWGFX	0.7	0.67	0.69	0.89	0.9	0.79	0.74		0.43	0.72	DWGFX
DREVX	0.55	0.61	0.46	0.59	0.57	0.65	-0.05	0.43		0.57	DREVX
GUT	0.65	0.73	0.69	0.75	0.75	0.71	0.31	0.72	0.57		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	+ 0.98	SAIFX
DWGFX	+ 0.9	SINAX
DWGFX	+ 0.89	SAIFX
JORAX	+ 0.87	SAIFX
JORAX	+ 0.87	SINAX
SAIFX	+ 0.81	GAB

High negative correlations

DREVX

- 0.05

CBHAX

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	0.65	0.06	0.06	0.17	0.65	(0.76)	1.48	(1.13)	3.62
PAXWX	0.37	0.00	(0.08)	0.46	0.51	(0.35)	0.74	(0.87)	2.12
FRFZX	0.08	0.01	(0.17)	(5.23)	0.00	(0.22)	0.11	(0.11)	0.91
SAIFX	0.74	0.26	0.36	0.34	0.14	(0.89)	1.41	(0.97)	13.62
SINAX	0.74	0.28	0.36	1.87	0.11	(0.88)	1.41	(0.94)	13.63
JORAX	0.67	0.23	0.25	(1.14)	0.29	(0.76)	1.08	(1.04)	12.74
CBHAX	0.22	0.06	0.07	(5.52)	0.00	(0.27)	0.58	(0.46)	1.38
DWGFX	0.62	0.12	0.15	0.27	0.45	(0.71)	1.68	(1.03)	3.72
DREVX	0.65	(0.04)	0.00	(0.02)	0.00	0.00	1.20	(1.50)	3.53
GUT	0.67	0.02	(0.01)	0.46	0.95	(0.73)	1.17	(1.15)	5.27

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