Correlation Between Calamos Global and Mainstay Epoch
Can any of the company-specific risk be diversified away by investing in both Calamos Global and Mainstay Epoch 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 Mainstay Epoch 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 Mainstay Epoch Global, you can compare the effects of market volatilities on Calamos Global and Mainstay Epoch 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 Mainstay Epoch. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Global and Mainstay Epoch.
Diversification Opportunities for Calamos Global and Mainstay Epoch
-0.05 | Correlation Coefficient |
Good diversification
The 3 months correlation between Calamos and Mainstay is -0.05. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Global Equity and Mainstay Epoch Global in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mainstay Epoch Global 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 Mainstay Epoch. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mainstay Epoch Global has no effect on the direction of Calamos Global i.e., Calamos Global and Mainstay Epoch go up and down completely randomly.
Pair Corralation between Calamos Global and Mainstay Epoch
Assuming the 90 days horizon Calamos Global Equity is expected to generate 0.79 times more return on investment than Mainstay Epoch. However, Calamos Global Equity is 1.27 times less risky than Mainstay Epoch. It trades about 0.15 of its potential returns per unit of risk. Mainstay Epoch Global is currently generating about -0.09 per unit of risk. If you would invest 1,858 in Calamos Global Equity on September 12, 2024 and sell it today you would earn a total of 136.00 from holding Calamos Global Equity or generate 7.32% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 98.44% |
| Values | Daily Returns |
Calamos Global Equity vs. Mainstay Epoch Global
Performance |
| Timeline |
| Calamos Global Equity |
| Mainstay Epoch Global |
Calamos Global and Mainstay Epoch Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Global and Mainstay Epoch
The main advantage of trading using opposite Calamos Global and Mainstay Epoch positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Global position performs unexpectedly, Mainstay Epoch 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 Mainstay Epoch will offset losses from the drop in Mainstay Epoch's long position.| Calamos Global vs. Calamos Antetokounmpo Sustainable | Calamos Global vs. Innealta Capital Sector | Calamos Global vs. Calamos Antetokounmpo Sustainable | Calamos Global vs. Calamos Antetokounmpo Sustainable |
| Mainstay Epoch vs. Gamco Global Telecommunications | Mainstay Epoch vs. California High Yield Municipal | Mainstay Epoch vs. Dws Government Money | Mainstay Epoch vs. Counterpoint Tactical Municipal |
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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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