Correlation Between Bruce Fund and Calamos Phineus
Can any of the company-specific risk be diversified away by investing in both Bruce Fund 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 Bruce Fund and Calamos Phineus into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Bruce Fund Bruce and Calamos Phineus Longshort, you can compare the effects of market volatilities on Bruce Fund 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 Bruce Fund with a short position of Calamos Phineus. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bruce Fund and Calamos Phineus.
Diversification Opportunities for Bruce Fund and Calamos Phineus
0.42 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Bruce and Calamos is 0.42. Overlapping area represents the amount of risk that can be diversified away by holding Bruce Fund Bruce 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 Bruce Fund 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 Bruce Fund Bruce 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 Bruce Fund i.e., Bruce Fund and Calamos Phineus go up and down completely randomly.
Pair Corralation between Bruce Fund and Calamos Phineus
Assuming the 90 days horizon Bruce Fund is expected to generate 3.78 times less return on investment than Calamos Phineus. In addition to that, Bruce Fund is 1.23 times more volatile than Calamos Phineus Longshort. It trades about 0.01 of its total potential returns per unit of risk. Calamos Phineus Longshort is currently generating about 0.06 per unit of volatility. If you would invest 1,431 in Calamos Phineus Longshort on November 27, 2024 and sell it today you would earn a total of 190.00 from holding Calamos Phineus Longshort or generate 13.28% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Bruce Fund Bruce vs. Calamos Phineus Longshort
Performance |
| Timeline |
| Bruce Fund Bruce |
| Calamos Phineus Longshort |
Bruce Fund and Calamos Phineus Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bruce Fund and Calamos Phineus
The main advantage of trading using opposite Bruce Fund and Calamos Phineus positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bruce Fund 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.| Bruce Fund vs. Short Real Estate | Bruce Fund vs. Redwood Real Estate | Bruce Fund vs. Forum Real Estate | Bruce Fund vs. Global Real Estate |
| Calamos Phineus vs. Calamos Phineus Longshort | Calamos Phineus vs. Calamos Market Neutral | Calamos Phineus vs. Calamos Phineus Longshort |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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