Correlation Between Calvert Short and Natixis Oakmark
Can any of the company-specific risk be diversified away by investing in both Calvert Short and Natixis Oakmark 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 Calvert Short and Natixis Oakmark into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Calvert Short Duration and Natixis Oakmark Intl, you can compare the effects of market volatilities on Calvert Short and Natixis Oakmark 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 Calvert Short with a short position of Natixis Oakmark. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calvert Short and Natixis Oakmark.
Diversification Opportunities for Calvert Short and Natixis Oakmark
0.41 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Calvert and Natixis is 0.41. Overlapping area represents the amount of risk that can be diversified away by holding Calvert Short Duration and Natixis Oakmark Intl in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Natixis Oakmark Intl and Calvert Short 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 Calvert Short Duration are associated (or correlated) with Natixis Oakmark. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Natixis Oakmark Intl has no effect on the direction of Calvert Short i.e., Calvert Short and Natixis Oakmark go up and down completely randomly.
Pair Corralation between Calvert Short and Natixis Oakmark
Assuming the 90 days horizon Calvert Short Duration is expected to generate 0.11 times more return on investment than Natixis Oakmark. However, Calvert Short Duration is 9.04 times less risky than Natixis Oakmark. It trades about 0.09 of its potential returns per unit of risk. Natixis Oakmark Intl is currently generating about -0.18 per unit of risk. If you would invest 1,553 in Calvert Short Duration on August 30, 2024 and sell it today you would earn a total of 4.00 from holding Calvert Short Duration or generate 0.26% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Calvert Short Duration vs. Natixis Oakmark Intl
Performance |
| Timeline |
| Calvert Short Duration |
| Natixis Oakmark Intl |
Calvert Short and Natixis Oakmark Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calvert Short and Natixis Oakmark
The main advantage of trading using opposite Calvert Short and Natixis Oakmark positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calvert Short position performs unexpectedly, Natixis Oakmark 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 Natixis Oakmark will offset losses from the drop in Natixis Oakmark's long position.| Calvert Short vs. Permanent Portfolio Class | Calvert Short vs. HUMANA INC | Calvert Short vs. Aquagold International | Calvert Short vs. Barloworld Ltd ADR |
| Natixis Oakmark vs. Calvert Short Duration | Natixis Oakmark vs. Aqr Long Short Equity | Natixis Oakmark vs. Ab Select Longshort | Natixis Oakmark vs. Federated Short Intermediate Duration |
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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
Other Complementary Tools
| Global Correlations Find global opportunities by holding instruments from different markets | |
| Transaction History View history of all your transactions and understand their impact on performance | |
| Insider Screener Find insiders across different sectors to evaluate their impact on performance | |
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas | |
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum |