Gabelli Gold Correlations

GLDAX Fund

USD 22.18 0.11 0.50%

The current 90-days correlation between Gabelli Gold and Eagle Mlp Strategy is 0.15 (i.e., Average 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

Significant diversification

The correlation between Gabelli Gold Fund and DJI is 0.06 (i.e., Significant 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 nation.

Moving together with Gabelli Mutual Fund

1.0	GLDCX	Gabelli Gold	Pair Corr
1.0	GLDIX	Gabelli Gold	Pair Corr

Related Correlations Analysis

	EGLNX	EMCIX	EMSLX	SMQFX	SEKRX	PCEMX	CMERX	BXECX
EGLNX		0.14	-0.12	0.07	0.03	0.04	-0.7	-0.18	EGLNX
EMCIX	0.14		0.75	0.76	0.75	0.82	-0.02	0.58	EMCIX
EMSLX	-0.12	0.75		0.96	0.97	0.96	0.4	0.71	EMSLX
SMQFX	0.07	0.76	0.96		0.99	0.97	0.3	0.7	SMQFX
SEKRX	0.03	0.75	0.97	0.99		0.97	0.34	0.69	SEKRX
PCEMX	0.04	0.82	0.96	0.97	0.97		0.2	0.64	PCEMX
CMERX	-0.7	-0.02	0.4	0.3	0.34	0.2		0.54	CMERX
BXECX	-0.18	0.58	0.71	0.7	0.69	0.64	0.54		BXECX
	EGLNX	EMCIX	EMSLX	SMQFX	SEKRX	PCEMX	CMERX	BXECX

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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

SEKRX	+ 0.99	SMQFX
SEKRX	+ 0.97	EMSLX
PCEMX	+ 0.97	SMQFX
PCEMX	+ 0.97	SEKRX
SMQFX	+ 0.96	EMSLX
PCEMX	+ 0.96	EMSLX

High negative correlations

CMERX	- 0.7	EGLNX
BXECX	- 0.18	EGLNX
EMSLX	- 0.12	EGLNX
CMERX	- 0.02	EMCIX

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
EGLNX	0.69	0.22	0.18	0.64	0.46	(0.84)	1.73	(1.06)	4.48
EMCIX	0.15	(0.01)	0.00	0.61	0.00	0.00	0.52	(0.34)	0.87
EMSLX	0.72	(0.05)	0.00	(0.10)	0.00	0.00	1.76	(1.08)	6.36
SMQFX	0.58	(0.04)	(0.13)	0.01	0.75	(0.60)	1.27	(1.33)	3.52
SEKRX	0.75	(0.06)	(0.11)	0.02	0.96	(0.79)	1.85	(1.49)	5.33
PCEMX	0.73	(0.02)	(0.10)	0.01	1.04	(0.72)	1.63	(1.69)	6.32
CMERX	0.63	(0.15)	0.00	(0.15)	0.00	0.00	1.23	(1.33)	3.07
BXECX	0.26	(0.02)	(0.36)	(0.03)	0.26	(0.38)	0.65	(0.40)	1.45

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