Correlation Between Gabelli Global and Nuveen All-american
Can any of the company-specific risk be diversified away by investing in both Gabelli Global and Nuveen All-american 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 Global and Nuveen All-american into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Gabelli Global Financial and Nuveen All American Municipal, you can compare the effects of market volatilities on Gabelli Global and Nuveen All-american 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 Global with a short position of Nuveen All-american. Check out your portfolio center. Please also check ongoing floating volatility patterns of Gabelli Global and Nuveen All-american.
Diversification Opportunities for Gabelli Global and Nuveen All-american
-0.08 | Correlation Coefficient |
Good diversification
The 3 months correlation between Gabelli and Nuveen is -0.08. Overlapping area represents the amount of risk that can be diversified away by holding Gabelli Global Financial and Nuveen All American Municipal in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nuveen All American and Gabelli Global 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 Global Financial are associated (or correlated) with Nuveen All-american. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nuveen All American has no effect on the direction of Gabelli Global i.e., Gabelli Global and Nuveen All-american go up and down completely randomly.
Pair Corralation between Gabelli Global and Nuveen All-american
Assuming the 90 days horizon Gabelli Global Financial is expected to generate 8.24 times more return on investment than Nuveen All-american. However, Gabelli Global is 8.24 times more volatile than Nuveen All American Municipal. It trades about 0.3 of its potential returns per unit of risk. Nuveen All American Municipal is currently generating about 0.25 per unit of risk. If you would invest 1,925 in Gabelli Global Financial on August 15, 2025 and sell it today you would earn a total of 78.00 from holding Gabelli Global Financial or generate 4.05% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Gabelli Global Financial vs. Nuveen All American Municipal
Performance |
| Timeline |
| Gabelli Global Financial |
| Nuveen All American |
Gabelli Global and Nuveen All-american Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Gabelli Global and Nuveen All-american
The main advantage of trading using opposite Gabelli Global and Nuveen All-american positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Gabelli Global position performs unexpectedly, Nuveen All-american 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 Nuveen All-american will offset losses from the drop in Nuveen All-american's long position.| Gabelli Global vs. Allianzgi Convertible Income | Gabelli Global vs. Putnam Convertible Securities | Gabelli Global vs. Fidelity Sai Convertible | Gabelli Global vs. Lord Abbett Convertible |
| Nuveen All-american vs. Edward Jones Money | Nuveen All-american vs. Blackrock Exchange Portfolio | Nuveen All-american vs. Profunds Money | Nuveen All-american vs. Putnam Money Market |
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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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