Correlation Between Aquagold International and Calamos Global
Can any of the company-specific risk be diversified away by investing in both Aquagold International and Calamos 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 Aquagold International and Calamos Global into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Aquagold International and Calamos Global Equity, you can compare the effects of market volatilities on Aquagold International and Calamos 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 Aquagold International with a short position of Calamos Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of Aquagold International and Calamos Global.
Diversification Opportunities for Aquagold International and Calamos Global
0.9 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Aquagold and Calamos is 0.9. Overlapping area represents the amount of risk that can be diversified away by holding Aquagold International and Calamos Global Equity in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calamos Global Equity and Aquagold International 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 Aquagold International are associated (or correlated) with Calamos Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Calamos Global Equity has no effect on the direction of Aquagold International i.e., Aquagold International and Calamos Global go up and down completely randomly.
Pair Corralation between Aquagold International and Calamos Global
Given the investment horizon of 90 days Aquagold International is expected to under-perform the Calamos Global. In addition to that, Aquagold International is 10.4 times more volatile than Calamos Global Equity. It trades about -0.22 of its total potential returns per unit of risk. Calamos Global Equity is currently generating about 0.05 per unit of volatility. If you would invest 1,739 in Calamos Global Equity on November 27, 2024 and sell it today you would earn a total of 18.00 from holding Calamos Global Equity or generate 1.04% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 95.24% |
| Values | Daily Returns |
Aquagold International vs. Calamos Global Equity
Performance |
| Timeline |
| Aquagold International |
| Calamos Global Equity |
Aquagold International and Calamos Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Aquagold International and Calamos Global
The main advantage of trading using opposite Aquagold International and Calamos Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Aquagold International position performs unexpectedly, Calamos 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 Calamos Global will offset losses from the drop in Calamos Global's long position.| Aquagold International vs. PepsiCo | Aquagold International vs. Coca Cola Consolidated | Aquagold International vs. Monster Beverage Corp | Aquagold International vs. Celsius Holdings |
| Calamos Global vs. World Energy Fund | Calamos Global vs. Hennessy Bp Energy | Calamos Global vs. Franklin Natural Resources | Calamos Global vs. Clearbridge Energy Mlp |
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 Watchlist Optimization module to optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm.
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