Correlation Between Ab Select and Calamos Phineus
Can any of the company-specific risk be diversified away by investing in both Ab Select 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 Select 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 Select Longshort and Calamos Phineus Longshort, you can compare the effects of market volatilities on Ab Select 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 Select with a short position of Calamos Phineus. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ab Select and Calamos Phineus.
Diversification Opportunities for Ab Select and Calamos Phineus
0.51 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between ASLKX and Calamos is 0.51. Overlapping area represents the amount of risk that can be diversified away by holding Ab Select Longshort 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 Select 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 Select Longshort 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 Select i.e., Ab Select and Calamos Phineus go up and down completely randomly.
Pair Corralation between Ab Select and Calamos Phineus
If you would invest 1,589 in Calamos Phineus Longshort on August 29, 2024 and sell it today you would earn a total of 24.00 from holding Calamos Phineus Longshort or generate 1.51% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 3.97% |
| Values | Daily Returns |
Ab Select Longshort vs. Calamos Phineus Longshort
Performance |
| Timeline |
| Ab Select Longshort |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Calamos Phineus Longshort |
Ab Select and Calamos Phineus Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ab Select and Calamos Phineus
The main advantage of trading using opposite Ab Select and Calamos Phineus positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ab Select 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 Select vs. Ab Value Fund | Ab Select vs. Qs Growth Fund | Ab Select vs. Artisan Thematic Fund | Ab Select vs. Nasdaq 100 Index Fund |
| Calamos Phineus vs. Neuberger Berman Long | Calamos Phineus vs. Neuberger Berman Long | Calamos Phineus vs. Pimco Rae Worldwide |
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 Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.
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