Correlation Between Calamos International and Ab Core
Can any of the company-specific risk be diversified away by investing in both Calamos International and Ab Core 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 Ab Core 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 Ab E Opportunities, you can compare the effects of market volatilities on Calamos International and Ab Core 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 Ab Core. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos International and Ab Core.
Diversification Opportunities for Calamos International and Ab Core
-0.1 | Correlation Coefficient |
Good diversification
The 3 months correlation between Calamos and ADGAX is -0.1. Overlapping area represents the amount of risk that can be diversified away by holding Calamos International Growth and Ab E Opportunities in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ab E Opportunities 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 Ab Core. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ab E Opportunities has no effect on the direction of Calamos International i.e., Calamos International and Ab Core go up and down completely randomly.
Pair Corralation between Calamos International and Ab Core
Assuming the 90 days horizon Calamos International is expected to generate 5.22 times less return on investment than Ab Core. In addition to that, Calamos International is 1.33 times more volatile than Ab E Opportunities. It trades about 0.02 of its total potential returns per unit of risk. Ab E Opportunities is currently generating about 0.11 per unit of volatility. If you would invest 2,321 in Ab E Opportunities on August 29, 2024 and sell it today you would earn a total of 285.00 from holding Ab E Opportunities or generate 12.28% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Calamos International Growth vs. Ab E Opportunities
Performance |
| Timeline |
| Calamos International |
| Ab E Opportunities |
Calamos International and Ab Core Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos International and Ab Core
The main advantage of trading using opposite Calamos International and Ab Core positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos International position performs unexpectedly, Ab Core 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 Ab Core will offset losses from the drop in Ab Core's long position.| Calamos International vs. Ms Global Fixed | Calamos International vs. Rbc Ultra Short Fixed | Calamos International vs. Dreyfusstandish Global Fixed | Calamos International vs. Multisector Bond Sma |
| Ab Core vs. Multimanager Lifestyle Aggressive | Ab Core vs. Needham Aggressive Growth | Ab Core vs. Siit High Yield | Ab Core vs. California High Yield Municipal |
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 Center module to all portfolio management and optimization tools to improve performance of your portfolios.
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