Correlation Between Dreyfus Worldwide and Gabelli Global

Specify exactly 2 symbols:
Can any of the company-specific risk be diversified away by investing in both Dreyfus Worldwide and Gabelli Global 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 Dreyfus Worldwide and Gabelli Global into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Dreyfus Worldwide Growth and Gabelli Global Financial, you can compare the effects of market volatilities on Dreyfus Worldwide and Gabelli Global 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 Dreyfus Worldwide with a short position of Gabelli Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of Dreyfus Worldwide and Gabelli Global.

Diversification Opportunities for Dreyfus Worldwide and Gabelli Global

DreyfusGabelliDiversified AwayDreyfusGabelliDiversified Away100%
0.32
  Correlation Coefficient

Weak diversification

The 3 months correlation between Dreyfus and Gabelli is 0.32. Overlapping area represents the amount of risk that can be diversified away by holding Dreyfus Worldwide Growth and Gabelli Global Financial in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Gabelli Global Financial and Dreyfus Worldwide 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 Dreyfus Worldwide Growth are associated (or correlated) with Gabelli Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Gabelli Global Financial has no effect on the direction of Dreyfus Worldwide i.e., Dreyfus Worldwide and Gabelli Global go up and down completely randomly.

Pair Corralation between Dreyfus Worldwide and Gabelli Global

Assuming the 90 days horizon Dreyfus Worldwide Growth is expected to under-perform the Gabelli Global. In addition to that, Dreyfus Worldwide is 1.65 times more volatile than Gabelli Global Financial. It trades about -0.04 of its total potential returns per unit of risk. Gabelli Global Financial is currently generating about 0.12 per unit of volatility. If you would invest  1,538  in Gabelli Global Financial on October 31, 2024 and sell it today you would earn a total of  104.00  from holding Gabelli Global Financial or generate 6.76% return on investment over 90 days.
Time Period3 Months [change]
DirectionMoves Together 
StrengthVery Weak
Accuracy98.33%
ValuesDaily Returns

Dreyfus Worldwide Growth  vs.  Gabelli Global Financial

 Performance 
JavaScript chart by amCharts 3.21.15NovDec2025 -10-505
JavaScript chart by amCharts 3.21.15DPRIX GCFSX
       Timeline  
Dreyfus Worldwide Growth 

Risk-Adjusted Performance

0 of 100

 
Weak
 
Strong
Very Weak
Over the last 90 days Dreyfus Worldwide Growth has generated negative risk-adjusted returns adding no value to fund investors. In spite of fairly strong forward indicators, Dreyfus Worldwide is not utilizing all of its potentials. The current stock price disturbance, may contribute to short-term losses for the investors.
JavaScript chart by amCharts 3.21.15NovDecJanDecJan666870727476
Gabelli Global Financial 

Risk-Adjusted Performance

9 of 100

 
Weak
 
Strong
OK
Compared to the overall equity markets, risk-adjusted returns on investments in Gabelli Global Financial are ranked lower than 9 (%) of all funds and portfolios of funds over the last 90 days. In spite of fairly weak basic indicators, Gabelli Global may actually be approaching a critical reversion point that can send shares even higher in March 2025.
JavaScript chart by amCharts 3.21.15NovDecJanDecJan15.415.615.81616.216.4

Dreyfus Worldwide and Gabelli Global Volatility Contrast

   Predicted Return Density   
JavaScript chart by amCharts 3.21.15-2.47-1.87-1.26-0.65-0.04120.521.111.72.29 0.10.20.30.4
JavaScript chart by amCharts 3.21.15DPRIX GCFSX
       Returns  

Pair Trading with Dreyfus Worldwide and Gabelli Global

The main advantage of trading using opposite Dreyfus Worldwide and Gabelli Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Dreyfus Worldwide position performs unexpectedly, Gabelli Global 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 Gabelli Global will offset losses from the drop in Gabelli Global's long position.
The idea behind Dreyfus Worldwide Growth and Gabelli Global Financial pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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 Anywhere module to track or share privately all of your investments from the convenience of any device.

Other Complementary Tools

Financial Widgets
Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets
Companies Directory
Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals
Portfolio Analyzer
Portfolio analysis module that provides access to portfolio diagnostics and optimization engine
Portfolio File Import
Quickly import all of your third-party portfolios from your local drive in csv format
Competition Analyzer
Analyze and compare many basic indicators for a group of related or unrelated entities