Correlation Between GAMCO Investors and Ellsworth Convertible
Can any of the company-specific risk be diversified away by investing in both GAMCO Investors and Ellsworth Convertible 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 GAMCO Investors and Ellsworth Convertible into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between GAMCO Investors and Ellsworth Convertible Growth, you can compare the effects of market volatilities on GAMCO Investors and Ellsworth Convertible 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 GAMCO Investors with a short position of Ellsworth Convertible. Check out your portfolio center. Please also check ongoing floating volatility patterns of GAMCO Investors and Ellsworth Convertible.
Diversification Opportunities for GAMCO Investors and Ellsworth Convertible
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between GAMCO and Ellsworth is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding GAMCO Investors and Ellsworth Convertible Growth in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ellsworth Convertible and GAMCO Investors 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 GAMCO Investors are associated (or correlated) with Ellsworth Convertible. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ellsworth Convertible has no effect on the direction of GAMCO Investors i.e., GAMCO Investors and Ellsworth Convertible go up and down completely randomly.
Pair Corralation between GAMCO Investors and Ellsworth Convertible
If you would invest 788.00 in Ellsworth Convertible Growth on November 2, 2024 and sell it today you would earn a total of 218.00 from holding Ellsworth Convertible Growth or generate 27.66% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.2% |
| Values | Daily Returns |
GAMCO Investors vs. Ellsworth Convertible Growth
Performance |
| Timeline |
| GAMCO Investors |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Ellsworth Convertible |
GAMCO Investors and Ellsworth Convertible Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GAMCO Investors and Ellsworth Convertible
The main advantage of trading using opposite GAMCO Investors and Ellsworth Convertible positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GAMCO Investors position performs unexpectedly, Ellsworth Convertible 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 Ellsworth Convertible will offset losses from the drop in Ellsworth Convertible's long position.| GAMCO Investors vs. Gabelli Global Small | GAMCO Investors vs. Gabelli Convertible And | GAMCO Investors vs. MFS Investment Grade | GAMCO Investors vs. Eaton Vance National |
| Ellsworth Convertible vs. Azimut Holding SpA | Ellsworth Convertible vs. Ameritrans Capital Corp | Ellsworth Convertible vs. Gdl Closed Fund | Ellsworth Convertible vs. Gabelli Global Small |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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