Correlation Between Calamos Global and Doubleline Shiller
Can any of the company-specific risk be diversified away by investing in both Calamos Global and Doubleline Shiller 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 Doubleline Shiller 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 Doubleline Shiller Enhanced, you can compare the effects of market volatilities on Calamos Global and Doubleline Shiller 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 Doubleline Shiller. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Global and Doubleline Shiller.
Diversification Opportunities for Calamos Global and Doubleline Shiller
-0.34 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Calamos and Doubleline is -0.34. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Global Equity and Doubleline Shiller Enhanced in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Doubleline Shiller 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 Doubleline Shiller. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Doubleline Shiller has no effect on the direction of Calamos Global i.e., Calamos Global and Doubleline Shiller go up and down completely randomly.
Pair Corralation between Calamos Global and Doubleline Shiller
Assuming the 90 days horizon Calamos Global Equity is expected to generate 0.9 times more return on investment than Doubleline Shiller. However, Calamos Global Equity is 1.11 times less risky than Doubleline Shiller. It trades about 0.08 of its potential returns per unit of risk. Doubleline Shiller Enhanced is currently generating about -0.37 per unit of risk. If you would invest 1,900 in Calamos Global Equity on August 29, 2024 and sell it today you would earn a total of 51.00 from holding Calamos Global Equity or generate 2.68% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Calamos Global Equity vs. Doubleline Shiller Enhanced
Performance |
| Timeline |
| Calamos Global Equity |
| Doubleline Shiller |
Calamos Global and Doubleline Shiller Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Global and Doubleline Shiller
The main advantage of trading using opposite Calamos Global and Doubleline Shiller positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Global position performs unexpectedly, Doubleline Shiller 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 Doubleline Shiller will offset losses from the drop in Doubleline Shiller's long position.| Calamos Global vs. T Rowe Price | Calamos Global vs. T Rowe Price | Calamos Global vs. HUMANA INC | Calamos Global vs. Aquagold International |
| Doubleline Shiller vs. Rbc Ultra Short Fixed | Doubleline Shiller vs. Calamos Global Equity | Doubleline Shiller vs. Doubleline E Fixed | Doubleline Shiller vs. Ms Global Fixed |
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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