Correlation Between Calamos Global and The Gabelli
Can any of the company-specific risk be diversified away by investing in both Calamos Global and The Gabelli 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 The Gabelli 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 The Gabelli Equity, you can compare the effects of market volatilities on Calamos Global and The Gabelli 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 The Gabelli. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Global and The Gabelli.
Diversification Opportunities for Calamos Global and The Gabelli
0.91 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Calamos and THE is 0.91. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Global Equity and The Gabelli Equity in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Gabelli Equity 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 The Gabelli. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Gabelli Equity has no effect on the direction of Calamos Global i.e., Calamos Global and The Gabelli go up and down completely randomly.
Pair Corralation between Calamos Global and The Gabelli
Assuming the 90 days horizon Calamos Global Equity is expected to generate 1.25 times more return on investment than The Gabelli. However, Calamos Global is 1.25 times more volatile than The Gabelli Equity. It trades about 0.1 of its potential returns per unit of risk. The Gabelli Equity is currently generating about 0.05 per unit of risk. If you would invest 1,262 in Calamos Global Equity on September 2, 2024 and sell it today you would earn a total of 704.00 from holding Calamos Global Equity or generate 55.78% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Calamos Global Equity vs. The Gabelli Equity
Performance |
| Timeline |
| Calamos Global Equity |
| Gabelli Equity |
Calamos Global and The Gabelli Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Global and The Gabelli
The main advantage of trading using opposite Calamos Global and The Gabelli positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Global position performs unexpectedly, The Gabelli 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 The Gabelli will offset losses from the drop in The Gabelli's long position.| Calamos Global vs. Calamos International Growth | Calamos Global vs. Calamos Global Growth | Calamos Global vs. Calamos Evolving World | Calamos Global vs. Calamos Market Neutral |
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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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
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