Correlation Between Calamos Global and Neuberger Berman
Can any of the company-specific risk be diversified away by investing in both Calamos Global and Neuberger Berman 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 Neuberger Berman 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 Neuberger Berman Mlp, you can compare the effects of market volatilities on Calamos Global and Neuberger Berman 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 Neuberger Berman. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Global and Neuberger Berman.
Diversification Opportunities for Calamos Global and Neuberger Berman
0.3 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Calamos and Neuberger is 0.3. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Global Dynamic and Neuberger Berman Mlp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Neuberger Berman Mlp 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 Neuberger Berman. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Neuberger Berman Mlp has no effect on the direction of Calamos Global i.e., Calamos Global and Neuberger Berman go up and down completely randomly.
Pair Corralation between Calamos Global and Neuberger Berman
Considering the 90-day investment horizon Calamos Global Dynamic is expected to generate 0.35 times more return on investment than Neuberger Berman. However, Calamos Global Dynamic is 2.82 times less risky than Neuberger Berman. It trades about 0.22 of its potential returns per unit of risk. Neuberger Berman Mlp is currently generating about -0.18 per unit of risk. If you would invest 688.00 in Calamos Global Dynamic on September 18, 2024 and sell it today you would earn a total of 15.00 from holding Calamos Global Dynamic or generate 2.18% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Calamos Global Dynamic vs. Neuberger Berman Mlp
Performance |
| Timeline |
| Calamos Global Dynamic |
| Neuberger Berman Mlp |
Calamos Global and Neuberger Berman Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Global and Neuberger Berman
The main advantage of trading using opposite Calamos Global and Neuberger Berman positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Global position performs unexpectedly, Neuberger Berman 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 Neuberger Berman will offset losses from the drop in Neuberger Berman's long position.| Calamos Global vs. Calamos Convertible And | Calamos Global vs. Calamos Strategic Total | Calamos Global vs. Calamos Dynamic Convertible | Calamos Global vs. Calamos LongShort Equity |
| Neuberger Berman vs. Blackrock Muniyield | Neuberger Berman vs. Blackrock Muni Intermediate | Neuberger Berman vs. Blackrock Muniyield Quality | Neuberger Berman vs. Blackrock Muniyield Quality |
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 Portfolio Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
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