The Gabelli Correlations

GAGCX Fund  USD 31.63  0.50  1.61%   
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 Global and DJI is 0.6 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding The Gabelli Global 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 Global. 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 main economic indicators.

Moving together with The Mutual Fund

  0.83SRIGX Gabelli Esg FundPairCorr
  0.86GCFSX Gabelli Global FinancialPairCorr
  0.79GCIEX Gabelli EquityPairCorr
  0.88GCIGX Gamco InternationalPairCorr
  0.73GUXPX Gabelli UtilitiesPairCorr
  0.69MLGLX Gabelli Media MogulPairCorr
  0.74GEICX Gabelli Equity IncomePairCorr
  0.69GWSAX Gabelli FocusPairCorr
  0.67GWSCX Gabelli FocusPairCorr
  0.7GWSIX Gabelli FocusPairCorr
  0.68GWSVX Gabelli FocusPairCorr
  0.86GFSIX Gabelli Global FinancialPairCorr
  0.86GGFSX Gabelli Global FinancialPairCorr
  0.91GGLCX Gamco Global OpportunityPairCorr
  0.69MOGLX Gabelli Media MogulPairCorr
  0.88GIIGX Gamco InternationalPairCorr
  0.88GIGRX Gamco InternationalPairCorr
  0.81GLDAX Gabelli Gold Steady GrowthPairCorr
  0.77GLDCX Gabelli Gold Steady GrowthPairCorr
  0.77GLDIX Gabelli Gold Steady GrowthPairCorr
  0.91GLOIX Gamco Global OpportunityPairCorr
  0.69DRCVX Comstock Capital ValuePairCorr
  0.69COMVX Comstock Capital ValuePairCorr

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   
QCMMIXELBIX
JAMXXBBSXX
FSNXXBBSXX
ELBIXBBSXX
FMFXXBBSXX
QCMMIXBBSXX
  
High negative correlations   
DTLXXQCMMIX
DTLXXFMFXX
QCMMIXFMFXX
DTLXXELBIX
FMFXXELBIX
DTLXXFSNXX

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.