Correlation Between Comstock Capital and Gabelli Equity
Can any of the company-specific risk be diversified away by investing in both Comstock Capital and Gabelli Equity 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 Comstock Capital and Gabelli Equity into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Comstock Capital Value and Gabelli Equity Income, you can compare the effects of market volatilities on Comstock Capital and Gabelli Equity 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 Comstock Capital with a short position of Gabelli Equity. Check out your portfolio center. Please also check ongoing floating volatility patterns of Comstock Capital and Gabelli Equity.
Diversification Opportunities for Comstock Capital and Gabelli Equity
0.77 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Comstock and Gabelli is 0.77. Overlapping area represents the amount of risk that can be diversified away by holding Comstock Capital Value and Gabelli Equity Income in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Gabelli Equity Income and Comstock Capital 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 Comstock Capital Value are associated (or correlated) with Gabelli Equity. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Gabelli Equity Income has no effect on the direction of Comstock Capital i.e., Comstock Capital and Gabelli Equity go up and down completely randomly.
Pair Corralation between Comstock Capital and Gabelli Equity
Assuming the 90 days horizon Comstock Capital Value is expected to generate 0.32 times more return on investment than Gabelli Equity. However, Comstock Capital Value is 3.1 times less risky than Gabelli Equity. It trades about 0.07 of its potential returns per unit of risk. Gabelli Equity Income is currently generating about 0.0 per unit of risk. If you would invest 420.00 in Comstock Capital Value on March 27, 2025 and sell it today you would earn a total of 9.00 from holding Comstock Capital Value or generate 2.14% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Comstock Capital Value vs. Gabelli Equity Income
Performance |
| Timeline |
| Comstock Capital Value |
| Gabelli Equity Income |
Comstock Capital and Gabelli Equity Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Comstock Capital and Gabelli Equity
The main advantage of trading using opposite Comstock Capital and Gabelli Equity positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Comstock Capital position performs unexpectedly, Gabelli Equity 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 Equity will offset losses from the drop in Gabelli Equity's long position.| Comstock Capital vs. Gamco Global Opportunity | Comstock Capital vs. Ab Global Bond | Comstock Capital vs. Legg Mason Bw | Comstock Capital vs. Investec Global Franchise |
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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 Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.
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