Gabelli Multimedia Correlations

GGT-PE Preferred Stock  USD 22.90  0.05  0.22%   
The current 90-days correlation between The Gabelli Multimedia and Virtus AllianzGI Convertible is 0.17 (i.e., Average diversification). The correlation of Gabelli Multimedia 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.

Gabelli Multimedia Correlation With Market

Very good diversification

The correlation between The Gabelli Multimedia and DJI is -0.21 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding The Gabelli Multimedia and DJI in the same portfolio, assuming nothing else is changed.
  
The ability to find closely correlated positions to Gabelli Multimedia could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Gabelli Multimedia when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Gabelli Multimedia - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling The Gabelli Multimedia to buy it.

Moving together with Gabelli Preferred Stock

  0.73NTRSO Northern TrustPairCorr
  0.8GGN-PB GAMCO Global GoldPairCorr
  0.73OAK-PA Oaktree Capital GroupPairCorr
  0.7OAK-PB Oaktree Capital GroupPairCorr
  0.69SVVC Firsthand TechnologyPairCorr
  0.64CNVT CVF TechnologiesPairCorr

Moving against Gabelli Preferred Stock

  0.81ATCO-PH Atlas CorpPairCorr
  0.78APO-PA Apollo Global ManagementPairCorr
  0.69OCCIN OFS CreditPairCorr
  0.6ATCO-PD Atlas CorpPairCorr
  0.52OCCIO OFS CreditPairCorr
  0.36OCCIM OFS Credit ,PairCorr
  0.33GECCO Great Elm CapitalPairCorr
  0.8C Citigroup Fiscal Year End 10th of January 2025 PairCorr
  0.8V Visa Class A Sell-off TrendPairCorr
  0.78DIST Distoken AcquisitionPairCorr
  0.78AX Axos FinancialPairCorr
  0.76BX Blackstone Group Fiscal Year End 23rd of January 2025 PairCorr
  0.74BK Bank of New York Sell-off TrendPairCorr
  0.72BN Brookfield CorpPairCorr
  0.7L Loews CorpPairCorr
  0.45DHIL Diamond Hill InvestmentPairCorr
  0.33AB AllianceBernsteinPairCorr
  0.8LC LendingClub CorpPairCorr
  0.79BY Byline Bancorp Fiscal Year End 23rd of January 2025 PairCorr
  0.79GS Goldman Sachs Group Fiscal Year End 21st of January 2025 PairCorr
  0.75CM Canadian Imperial BankPairCorr
  0.69MA MastercardPairCorr
  0.65CG Carlyle Group Sell-off TrendPairCorr

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   
GAB-PHGAB-PG
TY-PNCV-PA
GAB-PHNCV-PA
GAB-PGNCV-PA
TY-PGAB-PH
TY-PGAB-PG
  
High negative correlations   
TY-POXLCO
OXLCONCV-PA
GAB-PHOXLCO
OXLCOGAB-PG
GUT-PCOXLCO

Risk-Adjusted Indicators

There is a big difference between Gabelli Preferred Stock performing well and Gabelli Multimedia Company 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 Multimedia'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.

Be your own money manager

Our tools can tell you how much better you can do entering a position in Gabelli Multimedia without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.

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