Correlation Between Ab High and Calamos Phineus
Can any of the company-specific risk be diversified away by investing in both Ab High and Calamos Phineus 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 Ab High and Calamos Phineus into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Ab High Income and Calamos Phineus Longshort, you can compare the effects of market volatilities on Ab High and Calamos Phineus 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 Ab High with a short position of Calamos Phineus. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ab High and Calamos Phineus.
Diversification Opportunities for Ab High and Calamos Phineus
0.66 | Correlation Coefficient |
Poor diversification
The 3 months correlation between AGDAX and Calamos is 0.66. Overlapping area represents the amount of risk that can be diversified away by holding Ab High Income and Calamos Phineus Longshort in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calamos Phineus Longshort and Ab High 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 Ab High Income are associated (or correlated) with Calamos Phineus. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Calamos Phineus Longshort has no effect on the direction of Ab High i.e., Ab High and Calamos Phineus go up and down completely randomly.
Pair Corralation between Ab High and Calamos Phineus
Assuming the 90 days horizon Ab High Income is expected to generate 0.46 times more return on investment than Calamos Phineus. However, Ab High Income is 2.15 times less risky than Calamos Phineus. It trades about 0.18 of its potential returns per unit of risk. Calamos Phineus Longshort is currently generating about 0.05 per unit of risk. If you would invest 701.00 in Ab High Income on September 4, 2024 and sell it today you would earn a total of 4.00 from holding Ab High Income or generate 0.57% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 95.24% |
| Values | Daily Returns |
Ab High Income vs. Calamos Phineus Longshort
Performance |
| Timeline |
| Ab High Income |
| Calamos Phineus Longshort |
Ab High and Calamos Phineus Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ab High and Calamos Phineus
The main advantage of trading using opposite Ab High and Calamos Phineus positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ab High position performs unexpectedly, Calamos Phineus 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 Calamos Phineus will offset losses from the drop in Calamos Phineus' long position.| Ab High vs. Pace Smallmedium Value | Ab High vs. Heartland Value Plus | Ab High vs. Amg River Road | Ab High vs. Fpa Queens Road |
| Calamos Phineus vs. Calvert High Yield | Calamos Phineus vs. Blackrock High Yield | Calamos Phineus vs. Ppm High Yield | Calamos Phineus vs. T Rowe Price |
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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
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