Correlation Between Calamos Global and Gabelli Global
Can any of the company-specific risk be diversified away by investing in both Calamos Global and Gabelli Global 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 Gabelli Global 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 Gabelli Global Financial, you can compare the effects of market volatilities on Calamos Global and Gabelli Global 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 Gabelli Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Global and Gabelli Global.
Diversification Opportunities for Calamos Global and Gabelli Global
-0.05 | Correlation Coefficient |
Good diversification
The 3 months correlation between Calamos and Gabelli is -0.05. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Global Equity and Gabelli Global Financial in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Gabelli Global Financial 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 Gabelli Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Gabelli Global Financial has no effect on the direction of Calamos Global i.e., Calamos Global and Gabelli Global go up and down completely randomly.
Pair Corralation between Calamos Global and Gabelli Global
Assuming the 90 days horizon Calamos Global is expected to generate 1.86 times less return on investment than Gabelli Global. In addition to that, Calamos Global is 1.25 times more volatile than Gabelli Global Financial. It trades about 0.06 of its total potential returns per unit of risk. Gabelli Global Financial is currently generating about 0.15 per unit of volatility. If you would invest 1,092 in Gabelli Global Financial on December 7, 2024 and sell it today you would earn a total of 581.00 from holding Gabelli Global Financial or generate 53.21% 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. Gabelli Global Financial
Performance |
| Timeline |
| Calamos Global Equity |
| Gabelli Global Financial |
Calamos Global and Gabelli Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Global and Gabelli Global
The main advantage of trading using opposite Calamos Global and Gabelli Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Global position performs unexpectedly, Gabelli Global 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 Gabelli Global will offset losses from the drop in Gabelli Global's long position.| Calamos Global vs. Doubleline Emerging Markets | Calamos Global vs. Franklin Government Money | Calamos Global vs. Voya Government Money | Calamos Global vs. Janus Investment |
| Gabelli Global vs. Shelton Emerging Markets | Gabelli Global vs. Pnc Emerging Markets | Gabelli Global vs. Aqr Long Short Equity | Gabelli Global vs. Templeton Developing Markets |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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