An enhanced Gerber statistic for portfolio optimization

The purpose of this letter is to introduce a modified version the Gerber statistic resulting in enhancement its function as measure statistical co-movement. modification centres around redefinition zones and thresholds, alongside use finite real-valued contributions rather than discrete binary counts assigning value individual co-movements. Arguments for former are based on alignment data series purposes more effectively delineating concordant discordant latter attributing greater weight better information. Collectively approach simultaneously incorporates merits Gerber-like thresholds zoning, conventional correlation-like co-movement measurement.