Correlation Between Calamos International and Oppenheimer Intl
Can any of the company-specific risk be diversified away by investing in both Calamos International and Oppenheimer Intl 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 Calamos International and Oppenheimer Intl into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Calamos International Small and Oppenheimer Intl Small, you can compare the effects of market volatilities on Calamos International and Oppenheimer Intl 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 Calamos International with a short position of Oppenheimer Intl. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos International and Oppenheimer Intl.
Diversification Opportunities for Calamos International and Oppenheimer Intl
0.91 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Calamos and Oppenheimer is 0.91. Overlapping area represents the amount of risk that can be diversified away by holding Calamos International Small and Oppenheimer Intl Small in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Oppenheimer Intl Small and Calamos 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 Calamos International Small are associated (or correlated) with Oppenheimer Intl. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Oppenheimer Intl Small has no effect on the direction of Calamos International i.e., Calamos International and Oppenheimer Intl go up and down completely randomly.
Pair Corralation between Calamos International and Oppenheimer Intl
Assuming the 90 days horizon Calamos International Small is expected to generate 0.94 times more return on investment than Oppenheimer Intl. However, Calamos International Small is 1.06 times less risky than Oppenheimer Intl. It trades about 0.05 of its potential returns per unit of risk. Oppenheimer Intl Small is currently generating about 0.01 per unit of risk. If you would invest 979.00 in Calamos International Small on September 3, 2024 and sell it today you would earn a total of 7.00 from holding Calamos International Small or generate 0.72% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Calamos International Small vs. Oppenheimer Intl Small
Performance |
| Timeline |
| Calamos International |
| Oppenheimer Intl Small |
Calamos International and Oppenheimer Intl Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos International and Oppenheimer Intl
The main advantage of trading using opposite Calamos International and Oppenheimer Intl positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos International position performs unexpectedly, Oppenheimer Intl 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 Oppenheimer Intl will offset losses from the drop in Oppenheimer Intl's long position.| Calamos International vs. Oppenheimer Intl Small | Calamos International vs. Oppenheimer Intl Small | Calamos International vs. HUMANA INC | Calamos International vs. Aquagold International |
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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 Risk-Return Analysis module to view associations between returns expected from investment and the risk you assume.
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