Correlation Between Calamos Global and Ms Global
Can any of the company-specific risk be diversified away by investing in both Calamos Global and Ms 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 Ms 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 Ms Global Fixed, you can compare the effects of market volatilities on Calamos Global and Ms 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 Ms Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Global and Ms Global.
Diversification Opportunities for Calamos Global and Ms Global
0.26 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Calamos and MFIRX is 0.26. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Global Equity and Ms Global Fixed in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ms Global Fixed 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 Ms Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ms Global Fixed has no effect on the direction of Calamos Global i.e., Calamos Global and Ms Global go up and down completely randomly.
Pair Corralation between Calamos Global and Ms Global
Assuming the 90 days horizon Calamos Global Equity is expected to generate 6.31 times more return on investment than Ms Global. However, Calamos Global is 6.31 times more volatile than Ms Global Fixed. It trades about 0.14 of its potential returns per unit of risk. Ms Global Fixed is currently generating about 0.13 per unit of risk. If you would invest 1,901 in Calamos Global Equity on August 29, 2024 and sell it today you would earn a total of 50.00 from holding Calamos Global Equity or generate 2.63% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 95.65% |
| Values | Daily Returns |
Calamos Global Equity vs. Ms Global Fixed
Performance |
| Timeline |
| Calamos Global Equity |
| Ms Global Fixed |
Calamos Global and Ms Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Global and Ms Global
The main advantage of trading using opposite Calamos Global and Ms Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Global position performs unexpectedly, Ms 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 Ms Global will offset losses from the drop in Ms Global'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 |
| Ms Global vs. Pimco Income Fund | Ms Global vs. HUMANA INC | Ms Global vs. Aquagold International | Ms Global vs. Barloworld Ltd ADR |
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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
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