Correlation Between Calamos Global and American Century
Can any of the company-specific risk be diversified away by investing in both Calamos Global and American Century 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 Global and American Century into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Calamos Global Equity and American Century California, you can compare the effects of market volatilities on Calamos Global and American Century 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 Global with a short position of American Century. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Global and American Century.
Diversification Opportunities for Calamos Global and American Century
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Calamos and American is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Global Equity and American Century California in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on American Century Cal and Calamos Global 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 Global Equity are associated (or correlated) with American Century. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of American Century Cal has no effect on the direction of Calamos Global i.e., Calamos Global and American Century go up and down completely randomly.
Pair Corralation between Calamos Global and American Century
Assuming the 90 days horizon Calamos Global Equity is expected to generate 11.46 times more return on investment than American Century. However, Calamos Global is 11.46 times more volatile than American Century California. It trades about 0.13 of its potential returns per unit of risk. American Century California is currently generating about 0.09 per unit of risk. If you would invest 1,411 in Calamos Global Equity on September 3, 2024 and sell it today you would earn a total of 555.00 from holding Calamos Global Equity or generate 39.33% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 99.2% |
| Values | Daily Returns |
Calamos Global Equity vs. American Century California
Performance |
| Timeline |
| Calamos Global Equity |
| American Century Cal |
Calamos Global and American Century Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Global and American Century
The main advantage of trading using opposite Calamos Global and American Century positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Global position performs unexpectedly, American Century 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 American Century will offset losses from the drop in American Century's long position.| Calamos Global vs. Allianzgi Technology Fund | Calamos Global vs. Firsthand Technology Opportunities | Calamos Global vs. Red Oak Technology | Calamos Global vs. Mfs Technology Fund |
| American Century vs. Calamos Global Equity | American Century vs. Ab Select Equity | American Century vs. Gmo Global Equity | American Century vs. Locorr Dynamic Equity |
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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
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