Correlation Between Calamos Global and Deutsche Croci
Can any of the company-specific risk be diversified away by investing in both Calamos Global and Deutsche Croci 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 Deutsche Croci 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 Deutsche Croci International, you can compare the effects of market volatilities on Calamos Global and Deutsche Croci 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 Deutsche Croci. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Global and Deutsche Croci.
Diversification Opportunities for Calamos Global and Deutsche Croci
-0.27 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Calamos and Deutsche is -0.27. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Global Equity and Deutsche Croci International in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Deutsche Croci Inter 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 Deutsche Croci. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Deutsche Croci Inter has no effect on the direction of Calamos Global i.e., Calamos Global and Deutsche Croci go up and down completely randomly.
Pair Corralation between Calamos Global and Deutsche Croci
Assuming the 90 days horizon Calamos Global Equity is expected to generate 1.19 times more return on investment than Deutsche Croci. However, Calamos Global is 1.19 times more volatile than Deutsche Croci International. It trades about 0.11 of its potential returns per unit of risk. Deutsche Croci International is currently generating about 0.04 per unit of risk. If you would invest 1,343 in Calamos Global Equity on September 2, 2024 and sell it today you would earn a total of 623.00 from holding Calamos Global Equity or generate 46.39% 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. Deutsche Croci International
Performance |
| Timeline |
| Calamos Global Equity |
| Deutsche Croci Inter |
Calamos Global and Deutsche Croci Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Global and Deutsche Croci
The main advantage of trading using opposite Calamos Global and Deutsche Croci positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Global position performs unexpectedly, Deutsche Croci 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 Deutsche Croci will offset losses from the drop in Deutsche Croci's long position.| Calamos Global vs. Calamos International Growth | Calamos Global vs. Calamos Global Growth | Calamos Global vs. Calamos Evolving World | Calamos Global vs. Calamos Market Neutral |
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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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