Correlation Between Calamos Global and Dow Jones
Can any of the company-specific risk be diversified away by investing in both Calamos Global and Dow Jones 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 Dow Jones 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 Dow Jones Industrial, you can compare the effects of market volatilities on Calamos Global and Dow Jones 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 Dow Jones. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Global and Dow Jones.
Diversification Opportunities for Calamos Global and Dow Jones
-0.29 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Calamos and Dow is -0.29. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Global Sustainable and Dow Jones Industrial in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Dow Jones Industrial 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 Dow Jones. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Dow Jones Industrial has no effect on the direction of Calamos Global i.e., Calamos Global and Dow Jones go up and down completely randomly.
Pair Corralation between Calamos Global and Dow Jones
If you would invest 818.00 in Calamos Global Sustainable on October 26, 2024 and sell it today you would earn a total of 0.00 from holding Calamos Global Sustainable or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 2.5% |
| Values | Daily Returns |
Calamos Global Sustainable vs. Dow Jones Industrial
Performance |
| Timeline |
Calamos Global and Dow Jones Volatility Contrast
Predicted Return Density |
| Returns |
Calamos Global Sustainable
Pair trading matchups for Calamos Global
Dow Jones Industrial
Pair trading matchups for Dow Jones
Pair Trading with Calamos Global and Dow Jones
The main advantage of trading using opposite Calamos Global and Dow Jones positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Global position performs unexpectedly, Dow Jones 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 Dow Jones will offset losses from the drop in Dow Jones' long position.| Calamos Global vs. Hartford Moderate Allocation | Calamos Global vs. Transamerica Cleartrack Retirement | Calamos Global vs. Franklin Lifesmart Retirement | Calamos Global vs. Columbia Moderate Growth |
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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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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