Correlation Between Gabelli Gold and Oppenheimer Global
Can any of the company-specific risk be diversified away by investing in both Gabelli Gold and Oppenheimer Global 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 Oppenheimer Global 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 Oppenheimer Global Val, you can compare the effects of market volatilities on Gabelli Gold and Oppenheimer Global 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 Oppenheimer Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of Gabelli Gold and Oppenheimer Global.
Diversification Opportunities for Gabelli Gold and Oppenheimer Global
0.21 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Gabelli and Oppenheimer is 0.21. Overlapping area represents the amount of risk that can be diversified away by holding Gabelli Gold Fund and Oppenheimer Global Val in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Oppenheimer Global Val 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 Oppenheimer Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Oppenheimer Global Val has no effect on the direction of Gabelli Gold i.e., Gabelli Gold and Oppenheimer Global go up and down completely randomly.
Pair Corralation between Gabelli Gold and Oppenheimer Global
Assuming the 90 days horizon Gabelli Gold Fund is expected to generate 2.48 times more return on investment than Oppenheimer Global. However, Gabelli Gold is 2.48 times more volatile than Oppenheimer Global Val. It trades about 0.15 of its potential returns per unit of risk. Oppenheimer Global Val is currently generating about 0.06 per unit of risk. If you would invest 4,040 in Gabelli Gold Fund on September 10, 2025 and sell it today you would earn a total of 947.00 from holding Gabelli Gold Fund or generate 23.44% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Gabelli Gold Fund vs. Oppenheimer Global Val
Performance |
| Timeline |
| Gabelli Gold |
| Oppenheimer Global Val |
Gabelli Gold and Oppenheimer Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Gabelli Gold and Oppenheimer Global
The main advantage of trading using opposite Gabelli Gold and Oppenheimer Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Gabelli Gold position performs unexpectedly, Oppenheimer Global 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 Oppenheimer Global will offset losses from the drop in Oppenheimer Global's long position.| Gabelli Gold vs. Gabelli Gold Fund | Gabelli Gold vs. Gamco Global | Gabelli Gold vs. Congress Mid Cap | Gabelli Gold vs. The Brown Capital |
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 Bollinger Bands module to use Bollinger Bands indicator to analyze target price for a given investing horizon.
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