Correlation Between Gabelli Growth and Angel Oak
Can any of the company-specific risk be diversified away by investing in both Gabelli Growth and Angel Oak 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 Gabelli Growth and Angel Oak into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between The Gabelli Growth and Angel Oak Financial, you can compare the effects of market volatilities on Gabelli Growth and Angel Oak 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 Gabelli Growth with a short position of Angel Oak. Check out your portfolio center. Please also check ongoing floating volatility patterns of Gabelli Growth and Angel Oak.
Diversification Opportunities for Gabelli Growth and Angel Oak
0.48 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Gabelli and Angel is 0.48. Overlapping area represents the amount of risk that can be diversified away by holding The Gabelli Growth and Angel Oak Financial in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Angel Oak Financial and Gabelli Growth 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 The Gabelli Growth are associated (or correlated) with Angel Oak. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Angel Oak Financial has no effect on the direction of Gabelli Growth i.e., Gabelli Growth and Angel Oak go up and down completely randomly.
Pair Corralation between Gabelli Growth and Angel Oak
Assuming the 90 days horizon The Gabelli Growth is expected to generate 3.91 times more return on investment than Angel Oak. However, Gabelli Growth is 3.91 times more volatile than Angel Oak Financial. It trades about 0.1 of its potential returns per unit of risk. Angel Oak Financial is currently generating about 0.11 per unit of risk. If you would invest 11,872 in The Gabelli Growth on September 13, 2024 and sell it today you would earn a total of 203.00 from holding The Gabelli Growth or generate 1.71% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
The Gabelli Growth vs. Angel Oak Financial
Performance |
| Timeline |
| Gabelli Growth |
| Angel Oak Financial |
Gabelli Growth and Angel Oak Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Gabelli Growth and Angel Oak
The main advantage of trading using opposite Gabelli Growth and Angel Oak positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Gabelli Growth position performs unexpectedly, Angel Oak 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 Angel Oak will offset losses from the drop in Angel Oak's long position.| Gabelli Growth vs. Federated Hermes Inflation | Gabelli Growth vs. Goldman Sachs Inflation | Gabelli Growth vs. Loomis Sayles Inflation | Gabelli Growth vs. Ab Bond Inflation |
| Angel Oak vs. Gabelli Convertible And | Angel Oak vs. Absolute Convertible Arbitrage | Angel Oak vs. Rationalpier 88 Convertible | Angel Oak vs. Virtus Convertible |
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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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