Gabelli Dividend Correlations

GDV Fund

USD 28.65 0.08 0.28%

The current 90-days correlation between Gabelli Dividend Income and Gabelli Equity Trust is 0.57 (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

0.62	LIIAX	Columbia Porate Income	Pair Corr
0.69	SRINX	Columbia Porate Income	Pair Corr
0.89	WRHIX	Ivy High Income	Pair Corr
0.88	WHIAX	Ivy High Income	Pair Corr
0.89	IHIFX	Ivy High Income	Pair Corr
0.9	IVHIX	Ivy High Income	Pair Corr
0.81	CHHYX	Columbia High Yield	Pair Corr
0.94	STIRX	Pioneer Strategic Income	Pair Corr
0.87	RMBLX	Rmb Mendon Financial	Pair Corr
0.87	LBWCX	Legg Mason Bw	Pair Corr
0.8	SNEMX	Emerging Markets Por	Pair Corr
0.95	MSHDX	High Yield Portfolio	Pair Corr
0.87	BWVCX	Sterling Capital West	Pair Corr
0.8	UTVNX	My529 Short Term	Pair Corr
0.85	RYVIX	Energy Services Steady Growth	Pair Corr
0.92	IHICX	Federated Emerging Market	Pair Corr
0.89	SBMLX	Clearbridge Mid Cap	Pair Corr
0.96	CMNIX	Calamos Market Neutral	Pair Corr
0.88	PTLCX	Low Duration	Pair Corr
0.96	AFVZX	Applied Finance Select	Pair Corr
0.95	DALCX	Dean Mid Cap	Pair Corr
0.92	HYPPX	Mfs High Yield	Pair Corr
0.88	ARBOX	Absolute Convertible	Pair Corr
0.93	HDSIX	Hodges Small Cap	Pair Corr
0.9	PCGYX	Putnam Vertible Secu	Pair Corr
0.83	SHRAX	Clearbridge Aggressive	Pair Corr
0.8	SSMMX	Western Asset Managed	Pair Corr
0.96	AOD	Aberdeen Total Dynamic	Pair Corr
0.98	SMCFX	Smallcap World	Pair Corr
0.73	ARIIX	Ab Global Real	Pair Corr
0.93	LOIEX	Lord Abbett Intl	Pair Corr
0.92	GAOTX	Jpmorgan Global Allo	Pair Corr
0.93	HERYX	Hartford Emerging Markets	Pair Corr
0.96	TCMSX	Tcm Small Cap	Pair Corr
0.92	FESCX	First Eagle Small	Pair Corr
0.9	FACVX	Fidelity Convertible	Pair Corr
0.68	CDAZX	Multi-manager Directional	Pair Corr
0.91	STRLX	Sterling Capital Stratton	Pair Corr
0.97	RNRPX	American Funds Retirement	Pair Corr
0.82	DSM	Bny Mellon Strategic	Pair Corr

Related Correlations Analysis

	GAB	PAXWX	FRFZX	SAIFX	SINAX	JORAX	CBHAX	DWGFX	DREVX	GUT
GAB		0.6	0.86	0.82	0.77	0.85	0.58	0.59	0.86	0.69	GAB
PAXWX	0.6		0.56	0.71	0.71	0.61	-0.01	0.79	0.69	0.66	PAXWX
FRFZX	0.86	0.56		0.86	0.86	0.9	0.59	0.77	0.84	0.8	FRFZX
SAIFX	0.82	0.71	0.86		0.98	0.87	0.38	0.85	0.94	0.8	SAIFX
SINAX	0.77	0.71	0.86	0.98		0.87	0.35	0.87	0.92	0.8	SINAX
JORAX	0.85	0.61	0.9	0.87	0.87		0.47	0.74	0.89	0.76	JORAX
CBHAX	0.58	-0.01	0.59	0.38	0.35	0.47		0.27	0.38	0.46	CBHAX
DWGFX	0.59	0.79	0.77	0.85	0.87	0.74	0.27		0.74	0.82	DWGFX
DREVX	0.86	0.69	0.84	0.94	0.92	0.89	0.38	0.74		0.73	DREVX
GUT	0.69	0.66	0.8	0.8	0.8	0.76	0.46	0.82	0.73		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
DREVX	+ 0.94	SAIFX
DREVX	+ 0.92	SINAX
JORAX	+ 0.9	FRFZX
DREVX	+ 0.89	JORAX
JORAX	+ 0.87	SAIFX

High negative correlations

CBHAX

- 0.01

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	0.64	0.04	0.00	0.18	0.61	(0.76)	1.48	(1.13)	3.62
PAXWX	0.34	(0.02)	(0.10)	0.04	0.47	(0.33)	0.74	(0.77)	2.12
FRFZX	0.08	0.02	(0.42)	0.86	0.00	(0.23)	0.11	(0.11)	0.79
SAIFX	0.72	0.19	0.26	0.29	0.20	(0.83)	1.31	(0.97)	13.62
SINAX	0.72	0.23	0.27	0.86	0.19	(0.83)	1.33	(0.94)	13.63
JORAX	0.66	0.25	0.24	(13.70)	0.21	(0.76)	1.00	(1.00)	12.45
CBHAX	0.18	0.00	(0.11)	0.00	0.00	(0.23)	0.35	(0.35)	1.17
DWGFX	0.57	0.12	0.14	0.31	0.30	(0.68)	1.46	(1.00)	2.70
DREVX	0.77	0.18	0.15	0.37	0.69	(0.82)	1.21	(1.47)	12.56
GUT	0.64	0.08	0.02	0.45	0.90	(0.70)	1.20	(0.85)	5.44

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