Correlation Between Calamos International and Oppenheimer Global
Can any of the company-specific risk be diversified away by investing in both Calamos International and Oppenheimer Global 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 Oppenheimer Global 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 Oppenheimer Global Allocation, you can compare the effects of market volatilities on Calamos International and Oppenheimer Global 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 Oppenheimer Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos International and Oppenheimer Global.
Diversification Opportunities for Calamos International and Oppenheimer Global
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Calamos and Oppenheimer is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Calamos International Growth and Oppenheimer Global Allocation in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Oppenheimer Global 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 Oppenheimer Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Oppenheimer Global has no effect on the direction of Calamos International i.e., Calamos International and Oppenheimer Global go up and down completely randomly.
Pair Corralation between Calamos International and Oppenheimer Global
Assuming the 90 days horizon Calamos International Growth is expected to generate 1.82 times more return on investment than Oppenheimer Global. However, Calamos International is 1.82 times more volatile than Oppenheimer Global Allocation. It trades about 0.82 of its potential returns per unit of risk. Oppenheimer Global Allocation is currently generating about 0.08 per unit of risk. If you would invest 2,194 in Calamos International Growth on November 9, 2024 and sell it today you would earn a total of 70.00 from holding Calamos International Growth or generate 3.19% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 1.5% |
| Values | Daily Returns |
Calamos International Growth vs. Oppenheimer Global Allocation
Performance |
| Timeline |
| Calamos International |
Risk-Adjusted Performance
Market Crasher
Weak | Strong |
| Oppenheimer Global |
Calamos International and Oppenheimer Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos International and Oppenheimer Global
The main advantage of trading using opposite Calamos International and Oppenheimer Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos International position performs unexpectedly, Oppenheimer Global 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 Oppenheimer Global will offset losses from the drop in Oppenheimer Global's long position.| Calamos International vs. Df Dent Small | Calamos International vs. Cardinal Small Cap | Calamos International vs. Needham Small Cap | Calamos International vs. Small Pany Growth |
| Oppenheimer Global vs. Balanced Allocation Fund | Oppenheimer Global vs. Pnc Balanced Allocation | Oppenheimer Global vs. T Rowe Price | Oppenheimer Global vs. Calvert Moderate Allocation |
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 Stocks Directory module to find actively traded stocks across global markets.
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