Correlation Between Aquagold International and Calamos International
Can any of the company-specific risk be diversified away by investing in both Aquagold International and Calamos International 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 International 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 International Small, you can compare the effects of market volatilities on Aquagold International and Calamos International 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 International. Check out your portfolio center. Please also check ongoing floating volatility patterns of Aquagold International and Calamos International.
Diversification Opportunities for Aquagold International and Calamos International
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Aquagold and Calamos is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Aquagold International and Calamos International Small in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calamos International 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 International. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Calamos International has no effect on the direction of Aquagold International i.e., Aquagold International and Calamos International go up and down completely randomly.
Pair Corralation between Aquagold International and Calamos International
Given the investment horizon of 90 days Aquagold International is expected to generate 58.55 times more return on investment than Calamos International. However, Aquagold International is 58.55 times more volatile than Calamos International Small. It trades about 0.06 of its potential returns per unit of risk. Calamos International Small is currently generating about 0.05 per unit of risk. If you would invest 12.00 in Aquagold International on September 4, 2024 and sell it today you would lose (11.40) from holding Aquagold International or give up 95.0% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Aquagold International vs. Calamos International Small
Performance |
| Timeline |
| Aquagold International |
| Calamos International |
Aquagold International and Calamos International Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Aquagold International and Calamos International
The main advantage of trading using opposite Aquagold International and Calamos International positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Aquagold International position performs unexpectedly, Calamos International 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 International will offset losses from the drop in Calamos International's long position.| Aquagold International vs. PepsiCo | Aquagold International vs. Coca Cola Consolidated | Aquagold International vs. Monster Beverage Corp | Aquagold International vs. Celsius Holdings |
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 Portfolio Dashboard module to portfolio dashboard that provides centralized access to all your investments.
Other Complementary Tools
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas | |
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
| Portfolio Comparator Compare the composition, asset allocations and performance of any two portfolios in your account | |
| Fundamental Analysis View fundamental data based on most recent published financial statements |