Correlation Between Calamos International and Cmg Ultra
Can any of the company-specific risk be diversified away by investing in both Calamos International and Cmg Ultra 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 International and Cmg Ultra into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Calamos International Growth and Cmg Ultra Short, you can compare the effects of market volatilities on Calamos International and Cmg Ultra 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 International with a short position of Cmg Ultra. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos International and Cmg Ultra.
Diversification Opportunities for Calamos International and Cmg Ultra
-0.74 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Calamos and Cmg is -0.74. Overlapping area represents the amount of risk that can be diversified away by holding Calamos International Growth and Cmg Ultra Short in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cmg Ultra Short and Calamos International 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 International Growth are associated (or correlated) with Cmg Ultra. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cmg Ultra Short has no effect on the direction of Calamos International i.e., Calamos International and Cmg Ultra go up and down completely randomly.
Pair Corralation between Calamos International and Cmg Ultra
Assuming the 90 days horizon Calamos International Growth is expected to under-perform the Cmg Ultra. In addition to that, Calamos International is 7.89 times more volatile than Cmg Ultra Short. It trades about -0.03 of its total potential returns per unit of risk. Cmg Ultra Short is currently generating about 0.24 per unit of volatility. If you would invest 923.00 in Cmg Ultra Short on October 22, 2024 and sell it today you would earn a total of 4.00 from holding Cmg Ultra Short or generate 0.43% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Weak |
Accuracy | 100.0% |
Values | Daily Returns |
Calamos International Growth vs. Cmg Ultra Short
Performance |
Timeline |
Calamos International |
Cmg Ultra Short |
Calamos International and Cmg Ultra Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Calamos International and Cmg Ultra
The main advantage of trading using opposite Calamos International and Cmg Ultra positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos International position performs unexpectedly, Cmg Ultra 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 Cmg Ultra will offset losses from the drop in Cmg Ultra's long position.Calamos International vs. Cmg Ultra Short | Calamos International vs. Prudential Short Duration | Calamos International vs. Aqr Sustainable Long Short | Calamos International vs. Chartwell Short Duration |
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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 Portfolio Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
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