Correlation Between Calamos Global and Mainstay Conservative
Can any of the company-specific risk be diversified away by investing in both Calamos Global and Mainstay Conservative 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 Conservative 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 Conservative Etf, you can compare the effects of market volatilities on Calamos Global and Mainstay Conservative 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 Conservative. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Global and Mainstay Conservative.
Diversification Opportunities for Calamos Global and Mainstay Conservative
0.71 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Calamos and Mainstay is 0.71. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Global Equity and Mainstay Conservative Etf in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mainstay Conservative Etf 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 Conservative. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mainstay Conservative Etf has no effect on the direction of Calamos Global i.e., Calamos Global and Mainstay Conservative go up and down completely randomly.
Pair Corralation between Calamos Global and Mainstay Conservative
Assuming the 90 days horizon Calamos Global Equity is expected to generate 2.75 times more return on investment than Mainstay Conservative. However, Calamos Global is 2.75 times more volatile than Mainstay Conservative Etf. It trades about 0.05 of its potential returns per unit of risk. Mainstay Conservative Etf is currently generating about -0.03 per unit of risk. If you would invest 1,739 in Calamos Global Equity on November 27, 2024 and sell it today you would earn a total of 18.00 from holding Calamos Global Equity or generate 1.04% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Calamos Global Equity vs. Mainstay Conservative Etf
Performance |
| Timeline |
| Calamos Global Equity |
| Mainstay Conservative Etf |
Calamos Global and Mainstay Conservative Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Global and Mainstay Conservative
The main advantage of trading using opposite Calamos Global and Mainstay Conservative positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Global position performs unexpectedly, Mainstay Conservative 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 Conservative will offset losses from the drop in Mainstay Conservative's long position.| Calamos Global vs. World Energy Fund | Calamos Global vs. Hennessy Bp Energy | Calamos Global vs. Franklin Natural Resources | Calamos Global vs. Clearbridge Energy Mlp |
| Mainstay Conservative vs. Us Government Securities | Mainstay Conservative vs. Us Government Securities | Mainstay Conservative vs. Aig Government Money | Mainstay Conservative vs. Virtus Seix Government |
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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
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