Correlation Between Gabelli Gold and Manning Napier
Can any of the company-specific risk be diversified away by investing in both Gabelli Gold and Manning Napier 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 Gabelli Gold and Manning Napier into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Gabelli Gold Fund and Manning Napier Core, you can compare the effects of market volatilities on Gabelli Gold and Manning Napier 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 Gabelli Gold with a short position of Manning Napier. Check out your portfolio center. Please also check ongoing floating volatility patterns of Gabelli Gold and Manning Napier.
Diversification Opportunities for Gabelli Gold and Manning Napier
0.15 | Correlation Coefficient |
Average diversification
The 3 months correlation between Gabelli and Manning is 0.15. Overlapping area represents the amount of risk that can be diversified away by holding Gabelli Gold Fund and Manning Napier Core in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Manning Napier Core and Gabelli Gold 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 Gabelli Gold Fund are associated (or correlated) with Manning Napier. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Manning Napier Core has no effect on the direction of Gabelli Gold i.e., Gabelli Gold and Manning Napier go up and down completely randomly.
Pair Corralation between Gabelli Gold and Manning Napier
Assuming the 90 days horizon Gabelli Gold Fund is expected to generate 5.04 times more return on investment than Manning Napier. However, Gabelli Gold is 5.04 times more volatile than Manning Napier Core. It trades about -0.01 of its potential returns per unit of risk. Manning Napier Core is currently generating about -0.2 per unit of risk. If you would invest 2,306 in Gabelli Gold Fund on September 15, 2024 and sell it today you would lose (53.00) from holding Gabelli Gold Fund or give up 2.3% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
Gabelli Gold Fund vs. Manning Napier Core
Performance |
Timeline |
Gabelli Gold |
Manning Napier Core |
Gabelli Gold and Manning Napier Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Gabelli Gold and Manning Napier
The main advantage of trading using opposite Gabelli Gold and Manning Napier positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Gabelli Gold position performs unexpectedly, Manning Napier 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 Manning Napier will offset losses from the drop in Manning Napier's long position.Gabelli Gold vs. Ab Select Equity | ||
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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 File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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