Correlation Between Calamos Global and Qs Global
Can any of the company-specific risk be diversified away by investing in both Calamos Global and Qs 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 Qs 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 Qs Global Equity, you can compare the effects of market volatilities on Calamos Global and Qs 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 Qs Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Global and Qs Global.
Diversification Opportunities for Calamos Global and Qs Global
0.87 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Calamos and SILLX is 0.87. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Global Equity and Qs Global Equity in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Qs Global 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 Qs Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Qs Global Equity has no effect on the direction of Calamos Global i.e., Calamos Global and Qs Global go up and down completely randomly.
Pair Corralation between Calamos Global and Qs Global
Assuming the 90 days horizon Calamos Global is expected to generate 1.04 times less return on investment than Qs Global. In addition to that, Calamos Global is 1.18 times more volatile than Qs Global Equity. It trades about 0.04 of its total potential returns per unit of risk. Qs Global Equity is currently generating about 0.05 per unit of volatility. If you would invest 2,416 in Qs Global Equity on September 19, 2024 and sell it today you would earn a total of 145.00 from holding Qs Global Equity or generate 6.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Calamos Global Equity vs. Qs Global Equity
Performance |
| Timeline |
| Calamos Global Equity |
| Qs Global Equity |
Calamos Global and Qs Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Global and Qs Global
The main advantage of trading using opposite Calamos Global and Qs Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Global position performs unexpectedly, Qs 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 Qs Global will offset losses from the drop in Qs Global's long position.| Calamos Global vs. Multisector Bond Sma | Calamos Global vs. Pace High Yield | Calamos Global vs. T Rowe Price | Calamos Global vs. T Rowe Price |
| Qs Global vs. Clearbridge Aggressive Growth | Qs Global vs. Clearbridge Small Cap | Qs Global vs. Qs International Equity | Qs Global vs. Clearbridge Appreciation Fund |
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 Pair Correlation module to compare performance and examine fundamental relationship between any two equity instruments.
Other Complementary Tools
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum | |
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas | |
| Fundamental Analysis View fundamental data based on most recent published financial statements | |
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges |