Correlation Between Blackstone Gso and Calamos Strategic
Can any of the company-specific risk be diversified away by investing in both Blackstone Gso and Calamos Strategic 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 Blackstone Gso and Calamos Strategic into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Blackstone Gso Senior and Calamos Strategic Total, you can compare the effects of market volatilities on Blackstone Gso and Calamos Strategic 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 Blackstone Gso with a short position of Calamos Strategic. Check out your portfolio center. Please also check ongoing floating volatility patterns of Blackstone Gso and Calamos Strategic.
Diversification Opportunities for Blackstone Gso and Calamos Strategic
0.67 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Blackstone and Calamos is 0.67. Overlapping area represents the amount of risk that can be diversified away by holding Blackstone Gso Senior and Calamos Strategic Total in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calamos Strategic Total and Blackstone Gso 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 Blackstone Gso Senior are associated (or correlated) with Calamos Strategic. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Calamos Strategic Total has no effect on the direction of Blackstone Gso i.e., Blackstone Gso and Calamos Strategic go up and down completely randomly.
Pair Corralation between Blackstone Gso and Calamos Strategic
Considering the 90-day investment horizon Blackstone Gso is expected to generate 1.09 times less return on investment than Calamos Strategic. But when comparing it to its historical volatility, Blackstone Gso Senior is 1.56 times less risky than Calamos Strategic. It trades about 0.23 of its potential returns per unit of risk. Calamos Strategic Total is currently generating about 0.16 of returns per unit of risk over similar time horizon. If you would invest 1,709 in Calamos Strategic Total on August 25, 2024 and sell it today you would earn a total of 92.00 from holding Calamos Strategic Total or generate 5.38% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Blackstone Gso Senior vs. Calamos Strategic Total
Performance |
| Timeline |
| Blackstone Gso Senior |
| Calamos Strategic Total |
Blackstone Gso and Calamos Strategic Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Blackstone Gso and Calamos Strategic
The main advantage of trading using opposite Blackstone Gso and Calamos Strategic positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Blackstone Gso position performs unexpectedly, Calamos Strategic 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 Strategic will offset losses from the drop in Calamos Strategic's long position.| Blackstone Gso vs. Blackstone Gso Long | Blackstone Gso vs. First Trust Senior | Blackstone Gso vs. Eaton Vance Senior | Blackstone Gso vs. Blackstone Gso Strategic |
| Calamos Strategic vs. Allspring Income Opportunities | Calamos Strategic vs. Allspring Global Dividend | Calamos Strategic vs. Blackstone Gso Senior | Calamos Strategic vs. John Hancock Preferred |
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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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