Correlation Between Gabelli Utility and Oxford Lane
Can any of the company-specific risk be diversified away by investing in both Gabelli Utility and Oxford Lane 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 Utility and Oxford Lane into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between The Gabelli Utility and Oxford Lane Capital, you can compare the effects of market volatilities on Gabelli Utility and Oxford Lane 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 Utility with a short position of Oxford Lane. Check out your portfolio center. Please also check ongoing floating volatility patterns of Gabelli Utility and Oxford Lane.
Diversification Opportunities for Gabelli Utility and Oxford Lane
0.13 | Correlation Coefficient |
Average diversification
The 3 months correlation between Gabelli and Oxford is 0.13. Overlapping area represents the amount of risk that can be diversified away by holding The Gabelli Utility and Oxford Lane Capital in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Oxford Lane Capital and Gabelli Utility 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 Utility are associated (or correlated) with Oxford Lane. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Oxford Lane Capital has no effect on the direction of Gabelli Utility i.e., Gabelli Utility and Oxford Lane go up and down completely randomly.
Pair Corralation between Gabelli Utility and Oxford Lane
If you would invest 2,498 in Oxford Lane Capital on August 28, 2024 and sell it today you would earn a total of 0.00 from holding Oxford Lane Capital or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 4.76% |
| Values | Daily Returns |
The Gabelli Utility vs. Oxford Lane Capital
Performance |
| Timeline |
| Gabelli Utility |
| Oxford Lane Capital |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Gabelli Utility and Oxford Lane Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Gabelli Utility and Oxford Lane
The main advantage of trading using opposite Gabelli Utility and Oxford Lane positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Gabelli Utility position performs unexpectedly, Oxford Lane 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 Oxford Lane will offset losses from the drop in Oxford Lane's long position.| Gabelli Utility vs. The Gabelli Multimedia | Gabelli Utility vs. The Gabelli Multimedia | Gabelli Utility vs. The Gabelli Dividend | Gabelli Utility vs. The Gabelli Equity |
| Oxford Lane vs. The Gabelli Multimedia | Oxford Lane vs. The Gabelli Equity | Oxford Lane vs. Virtus AllianzGI Convertible | Oxford Lane vs. The Gabelli Equity |
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 Portfolio Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.
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