Correlation Between Aqr Large and Calamos Opportunistic
Can any of the company-specific risk be diversified away by investing in both Aqr Large and Calamos Opportunistic 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 Aqr Large and Calamos Opportunistic into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Aqr Large Cap and Calamos Opportunistic Value, you can compare the effects of market volatilities on Aqr Large and Calamos Opportunistic 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 Aqr Large with a short position of Calamos Opportunistic. Check out your portfolio center. Please also check ongoing floating volatility patterns of Aqr Large and Calamos Opportunistic.
Diversification Opportunities for Aqr Large and Calamos Opportunistic
0.98 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Aqr and Calamos is 0.98. Overlapping area represents the amount of risk that can be diversified away by holding Aqr Large Cap and Calamos Opportunistic Value in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calamos Opportunistic and Aqr Large 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 Aqr Large Cap are associated (or correlated) with Calamos Opportunistic. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Calamos Opportunistic has no effect on the direction of Aqr Large i.e., Aqr Large and Calamos Opportunistic go up and down completely randomly.
Pair Corralation between Aqr Large and Calamos Opportunistic
Assuming the 90 days horizon Aqr Large is expected to generate 7.52 times less return on investment than Calamos Opportunistic. In addition to that, Aqr Large is 1.25 times more volatile than Calamos Opportunistic Value. It trades about 0.02 of its total potential returns per unit of risk. Calamos Opportunistic Value is currently generating about 0.17 per unit of volatility. If you would invest 2,309 in Calamos Opportunistic Value on September 13, 2024 and sell it today you would earn a total of 51.00 from holding Calamos Opportunistic Value or generate 2.21% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Aqr Large Cap vs. Calamos Opportunistic Value
Performance |
| Timeline |
| Aqr Large Cap |
| Calamos Opportunistic |
Aqr Large and Calamos Opportunistic Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Aqr Large and Calamos Opportunistic
The main advantage of trading using opposite Aqr Large and Calamos Opportunistic positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Aqr Large position performs unexpectedly, Calamos Opportunistic 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 Opportunistic will offset losses from the drop in Calamos Opportunistic's long position.| Aqr Large vs. Aqr Large Cap | Aqr Large vs. Aqr International Defensive | Aqr Large vs. Aqr International Defensive | Aqr Large vs. Aqr International Defensive |
| Calamos Opportunistic vs. Short Duration Inflation | Calamos Opportunistic vs. Lord Abbett Inflation | Calamos Opportunistic vs. Arrow Managed Futures | Calamos Opportunistic vs. Loomis Sayles Inflation |
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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
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