Correlation Between Calamos Global and Buffalo High
Can any of the company-specific risk be diversified away by investing in both Calamos Global and Buffalo High 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 Buffalo High into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Calamos Global Sustainable and Buffalo High Yield, you can compare the effects of market volatilities on Calamos Global and Buffalo High 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 Buffalo High. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Global and Buffalo High.
Diversification Opportunities for Calamos Global and Buffalo High
0.02 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Calamos and Buffalo is 0.02. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Global Sustainable and Buffalo High Yield in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Buffalo High Yield 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 Sustainable are associated (or correlated) with Buffalo High. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Buffalo High Yield has no effect on the direction of Calamos Global i.e., Calamos Global and Buffalo High go up and down completely randomly.
Pair Corralation between Calamos Global and Buffalo High
If you would invest 995.00 in Buffalo High Yield on September 20, 2024 and sell it today you would earn a total of 91.00 from holding Buffalo High Yield or generate 9.15% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 0.4% |
| Values | Daily Returns |
Calamos Global Sustainable vs. Buffalo High Yield
Performance |
| Timeline |
| Calamos Global Susta |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Buffalo High Yield |
Calamos Global and Buffalo High Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Global and Buffalo High
The main advantage of trading using opposite Calamos Global and Buffalo High positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Global position performs unexpectedly, Buffalo High 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 Buffalo High will offset losses from the drop in Buffalo High's long position.| Calamos Global vs. Voya High Yield | Calamos Global vs. Jpmorgan High Yield | Calamos Global vs. Artisan High Income | Calamos Global vs. Virtus High Yield |
| Buffalo High vs. Buffalo Flexible Income | Buffalo High vs. Buffalo Growth Fund | Buffalo High vs. Buffalo Large Cap | Buffalo High vs. Buffalo Mid Cap |
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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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