The Gabelli Correlations

GAUAX Fund  USD 5.34  0.09  1.71%   
The current 90-days correlation between Gabelli Utilities and California Municipal Portfolio is 0.26 (i.e., Modest 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

Weak diversification

The correlation between The Gabelli Utilities and DJI is 0.34 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding The Gabelli Utilities 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 Utilities. 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 nation.

Moving together with The Mutual Fund

  0.62ES Eversource EnergyPairCorr
  0.72HE Hawaiian ElectricPairCorr
  0.68CMS-PB Consumers EnergyPairCorr
  0.76WTRG Essential UtilitiesPairCorr
  0.61AWK American Water WorksPairCorr
  0.75AWR American States WaterPairCorr
  0.88BKH Black HillsPairCorr
  0.81CPK Chesapeake UtilitiesPairCorr
  0.85CWT California Water ServicePairCorr

Moving against The Mutual Fund

  0.55ELLO Ellomay CapitalPairCorr
  0.31CEG Constellation Energy CorpPairCorr
  0.6NFE New Fortress EnergyPairCorr
  0.43GEV GE Vernova LLCPairCorr

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   
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NSIOXSNCAX
RGVAXBMBSX
RGVAXNSIOX
  
High negative correlations   
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SMGXXGVPIX
SMGXXNSIOX
SMGXXBMBSX
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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.