Correlation Between Calamos Global and Blackstone Gso
Can any of the company-specific risk be diversified away by investing in both Calamos Global and Blackstone Gso 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 Blackstone Gso into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Calamos Global Dynamic and Blackstone Gso Strategic, you can compare the effects of market volatilities on Calamos Global and Blackstone Gso 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 Blackstone Gso. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Global and Blackstone Gso.
Diversification Opportunities for Calamos Global and Blackstone Gso
0.57 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Calamos and Blackstone is 0.57. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Global Dynamic and Blackstone Gso Strategic in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Blackstone Gso Strategic 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 Dynamic are associated (or correlated) with Blackstone Gso. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Blackstone Gso Strategic has no effect on the direction of Calamos Global i.e., Calamos Global and Blackstone Gso go up and down completely randomly.
Pair Corralation between Calamos Global and Blackstone Gso
Considering the 90-day investment horizon Calamos Global Dynamic is expected to under-perform the Blackstone Gso. In addition to that, Calamos Global is 1.86 times more volatile than Blackstone Gso Strategic. It trades about -0.02 of its total potential returns per unit of risk. Blackstone Gso Strategic is currently generating about 0.12 per unit of volatility. If you would invest 1,214 in Blackstone Gso Strategic on August 30, 2024 and sell it today you would earn a total of 28.00 from holding Blackstone Gso Strategic or generate 2.31% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Calamos Global Dynamic vs. Blackstone Gso Strategic
Performance |
| Timeline |
| Calamos Global Dynamic |
| Blackstone Gso Strategic |
Calamos Global and Blackstone Gso Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Global and Blackstone Gso
The main advantage of trading using opposite Calamos Global and Blackstone Gso positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Global position performs unexpectedly, Blackstone Gso 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 Blackstone Gso will offset losses from the drop in Blackstone Gso's long position.| Calamos Global vs. Gabelli Global Small | Calamos Global vs. MFS Investment Grade | Calamos Global vs. Eaton Vance National | Calamos Global vs. GAMCO Natural Resources |
| Blackstone Gso vs. Gabelli Global Small | Blackstone Gso vs. MFS Investment Grade | Blackstone Gso vs. Eaton Vance National | Blackstone Gso vs. GAMCO Natural Resources |
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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
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