Correlation Between Blackstone Secured and Gabelli Utility
Can any of the company-specific risk be diversified away by investing in both Blackstone Secured and Gabelli Utility at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Blackstone Secured and Gabelli Utility into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Blackstone Secured Lending and Gabelli Utility Closed, you can compare the effects of market volatilities on Blackstone Secured and Gabelli Utility and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Blackstone Secured with a short position of Gabelli Utility. Check out your portfolio center. Please also check ongoing floating volatility patterns of Blackstone Secured and Gabelli Utility.
Diversification Opportunities for Blackstone Secured and Gabelli Utility
0.37 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Blackstone and Gabelli is 0.37. Overlapping area represents the amount of risk that can be diversified away by holding Blackstone Secured Lending and Gabelli Utility Closed in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Gabelli Utility Closed and Blackstone Secured is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Blackstone Secured Lending are associated (or correlated) with Gabelli Utility. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Gabelli Utility Closed has no effect on the direction of Blackstone Secured i.e., Blackstone Secured and Gabelli Utility go up and down completely randomly.
Pair Corralation between Blackstone Secured and Gabelli Utility
Given the investment horizon of 90 days Blackstone Secured is expected to generate 1.4 times less return on investment than Gabelli Utility. But when comparing it to its historical volatility, Blackstone Secured Lending is 1.66 times less risky than Gabelli Utility. It trades about 0.17 of its potential returns per unit of risk. Gabelli Utility Closed is currently generating about 0.14 of returns per unit of risk over similar time horizon. If you would invest 489.00 in Gabelli Utility Closed on November 8, 2024 and sell it today you would earn a total of 60.00 from holding Gabelli Utility Closed or generate 12.27% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Blackstone Secured Lending vs. Gabelli Utility Closed
Performance |
| Timeline |
| Blackstone Secured |
| Gabelli Utility Closed |
Blackstone Secured and Gabelli Utility Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Blackstone Secured and Gabelli Utility
The main advantage of trading using opposite Blackstone Secured and Gabelli Utility positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Blackstone Secured position performs unexpectedly, Gabelli Utility can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Gabelli Utility will offset losses from the drop in Gabelli Utility's long position.| Blackstone Secured vs. Carlyle Secured Lending | Blackstone Secured vs. Oaktree Specialty Lending | Blackstone Secured vs. Sixth Street Specialty | Blackstone Secured vs. FS KKR Capital |
| Gabelli Utility vs. Gabelli Convertible And | Gabelli Utility vs. Gabelli Equity Trust | Gabelli Utility vs. Gabelli Healthcare WellnessRx | Gabelli Utility vs. GAMCO Natural Resources |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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