Correlation Between Calamos Global and Brf Clf
Can any of the company-specific risk be diversified away by investing in both Calamos Global and Brf Clf 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 Brf Clf 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 Brf Clf Mpl, you can compare the effects of market volatilities on Calamos Global and Brf Clf 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 Brf Clf. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Global and Brf Clf.
Diversification Opportunities for Calamos Global and Brf Clf
0.18 | Correlation Coefficient |
Average diversification
The 3 months correlation between Calamos and Brf is 0.18. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Global Equity and Brf Clf Mpl in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Brf Clf Mpl 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 Brf Clf. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Brf Clf Mpl has no effect on the direction of Calamos Global i.e., Calamos Global and Brf Clf go up and down completely randomly.
Pair Corralation between Calamos Global and Brf Clf
Assuming the 90 days horizon Calamos Global Equity is expected to generate 6.07 times more return on investment than Brf Clf. However, Calamos Global is 6.07 times more volatile than Brf Clf Mpl. It trades about 0.13 of its potential returns per unit of risk. Brf Clf Mpl is currently generating about 0.09 per unit of risk. If you would invest 1,443 in Calamos Global Equity on September 12, 2024 and sell it today you would earn a total of 551.00 from holding Calamos Global Equity or generate 38.18% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 99.6% |
| Values | Daily Returns |
Calamos Global Equity vs. Brf Clf Mpl
Performance |
| Timeline |
| Calamos Global Equity |
| Brf Clf Mpl |
Calamos Global and Brf Clf Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Global and Brf Clf
The main advantage of trading using opposite Calamos Global and Brf Clf positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Global position performs unexpectedly, Brf Clf 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 Brf Clf will offset losses from the drop in Brf Clf's long position.| Calamos Global vs. American Funds New | Calamos Global vs. American Funds New | Calamos Global vs. New Perspective Fund | Calamos Global vs. New Perspective Fund |
| Brf Clf vs. Vanguard California Long Term | Brf Clf vs. Vanguard California Intermediate Term | Brf Clf vs. Vanguard Limited Term Tax Exempt | Brf Clf vs. Vanguard California Long Term |
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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.
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