Correlation Between Pioneer Amt-free and Gabelli Gold
Can any of the company-specific risk be diversified away by investing in both Pioneer Amt-free and Gabelli Gold 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 Pioneer Amt-free and Gabelli Gold into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Pioneer Amt Free Municipal and Gabelli Gold Fund, you can compare the effects of market volatilities on Pioneer Amt-free and Gabelli Gold 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 Pioneer Amt-free with a short position of Gabelli Gold. Check out your portfolio center. Please also check ongoing floating volatility patterns of Pioneer Amt-free and Gabelli Gold.
Diversification Opportunities for Pioneer Amt-free and Gabelli Gold
0.2 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Pioneer and Gabelli is 0.2. Overlapping area represents the amount of risk that can be diversified away by holding Pioneer Amt Free Municipal and Gabelli Gold Fund in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Gabelli Gold and Pioneer Amt-free 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 Pioneer Amt Free Municipal are associated (or correlated) with Gabelli Gold. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Gabelli Gold has no effect on the direction of Pioneer Amt-free i.e., Pioneer Amt-free and Gabelli Gold go up and down completely randomly.
Pair Corralation between Pioneer Amt-free and Gabelli Gold
Assuming the 90 days horizon Pioneer Amt Free Municipal is expected to under-perform the Gabelli Gold. But the mutual fund apears to be less risky and, when comparing its historical volatility, Pioneer Amt Free Municipal is 11.96 times less risky than Gabelli Gold. The mutual fund trades about -0.01 of its potential returns per unit of risk. The Gabelli Gold Fund is currently generating about 0.14 of returns per unit of risk over similar time horizon. If you would invest 4,097 in Gabelli Gold Fund on September 11, 2025 and sell it today you would earn a total of 917.00 from holding Gabelli Gold Fund or generate 22.38% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Pioneer Amt Free Municipal vs. Gabelli Gold Fund
Performance |
| Timeline |
| Pioneer Amt Free |
| Gabelli Gold |
Pioneer Amt-free and Gabelli Gold Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Pioneer Amt-free and Gabelli Gold
The main advantage of trading using opposite Pioneer Amt-free and Gabelli Gold positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Pioneer Amt-free position performs unexpectedly, Gabelli Gold 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 Gold will offset losses from the drop in Gabelli Gold's long position.| Pioneer Amt-free vs. High Yield Municipal Fund | Pioneer Amt-free vs. Performance Trust Municipal | Pioneer Amt-free vs. Western Asset Emerging | Pioneer Amt-free vs. Dreyfus Intermediate Municipal |
| 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 Equity Valuation module to check real value of public entities based on technical and fundamental data.
Other Complementary Tools
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
| Watchlist Optimization Optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm | |
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals | |
| Portfolio Volatility Check portfolio volatility and analyze historical return density to properly model market risk | |
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences |