Gabelli Gold Correlations

GLDIX Fund

USD 23.80 0.60 2.59%

The current 90-days correlation between Gabelli Gold and Global Gold Fund is 0.97 (i.e., Almost no diversification). The correlation of Gabelli Gold 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.

Gabelli Gold Correlation With Market

Average diversification

The correlation between Gabelli Gold Fund and DJI is 0.13 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Gabelli Gold Fund 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 Gabelli Gold Fund. 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 Gabelli Mutual Fund

1.0	GLDAX	Gabelli Gold	Pair Corr
1.0	GLDCX	Gabelli Gold	Pair Corr
1.0	GOLDX	Gabelli Gold	Pair Corr

Moving against Gabelli Mutual Fund

0.43	GGCAX	Gabelli Growth	Pair Corr
0.41	GFSIX	Gabelli Global Financial	Pair Corr
0.33	GWSIX	Gabelli Focus	Pair Corr

Related Correlations Analysis

	BGEIX	USERX	UNWPX	SGGDX	MIDSX
BGEIX		0.92	0.93	0.86	0.92	BGEIX
USERX	0.92		0.87	0.92	0.98	USERX
UNWPX	0.93	0.87		0.83	0.84	UNWPX
SGGDX	0.86	0.92	0.83		0.92	SGGDX
MIDSX	0.92	0.98	0.84	0.92		MIDSX
	BGEIX	USERX	UNWPX	SGGDX	MIDSX

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Risk-Adjusted Indicators

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

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
BGEIX	1.44	0.11	0.02	0.59	1.69	(1.59)	2.90	(2.75)	9.43
USERX	1.41	0.08	(0.02)	(1.96)	1.72	(1.45)	3.05	(2.74)	10.13
UNWPX	1.34	0.08	(0.01)	0.63	1.36	(1.74)	2.67	(2.30)	9.62
SGGDX	1.38	(0.04)	0.00	37.49	0.00	0.00	2.85	(3.03)	9.01
MIDSX	1.55	0.12	0.00	(0.38)	1.97	(1.70)	3.17	(2.96)	11.57

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