The Gabelli Correlations

Mutual Funds USA . 
Fund . The Gabelli Small
GACIX Fund  USD 43.19  0.45  1.03%   
The current 90-days correlation between Gabelli Small and Jpmorgan Intrepid Value is 0.88 (i.e., Very poor diversification). The correlation of The Gabelli 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.

The Gabelli Correlation With Market

Poor diversification

The correlation between The Gabelli Small and DJI is 0.78 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding The Gabelli Small 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 The Gabelli Small. Also, note that the market value of any mutual fund could be closely tied with the direction of predictive economic indicators such as signals in gross domestic product.

Moving together with The Mutual Fund

  0.77GGCAX Gabelli GrowthPairCorr
  0.77GGCCX Gabelli GrowthPairCorr
  0.87GGCIX Gabelli GrowthPairCorr
  0.87GGGAX Gamco Global GrowthPairCorr
  0.93GGGCX Gamco Global GrowthPairCorr
  0.93GGGIX Gamco Global GrowthPairCorr
  0.85GGMMX Gabelli Global MiniPairCorr
  0.93GICPX Gamco Global GrowthPairCorr
  0.85GMNAX Gabelli Global MiniPairCorr
  0.85GMNCX Gabelli Global MiniPairCorr

Moving against The Mutual Fund

  0.39GUXPX Gabelli UtilitiesPairCorr
  0.36GGLCX Gamco Global OpportunityPairCorr
  0.34GLDCX Gabelli GoldPairCorr
  0.32GLDIX Gabelli GoldPairCorr
  0.39GABOX Gamco Global OpportunityPairCorr
  0.37GABUX Gabelli UtilitiesPairCorr

Related Correlations Analysis

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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   
RRGIX
+ 0.77
JPIVX
ABNFX
+ 0.63
SKIRX
ABNFX
+ 0.6
RRGIX
SMCFX
+ 0.59
JPIVX
SKIRX
+ 0.49
JPIVX
SKIRX
+ 0.49
RRGIX
  
High negative correlations   
ABNFX
- 0.56
SMCFX
SMCFX
- 0.12
SKIRX

Risk-Adjusted Indicators

There is a big difference between The Mutual Fund performing well and The Gabelli Mutual 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 The Gabelli'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.

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