Correlation Between Calamos Hedged and Calamos Antetokounmpo
Can any of the company-specific risk be diversified away by investing in both Calamos Hedged and Calamos Antetokounmpo 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 Hedged and Calamos Antetokounmpo into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Calamos Hedged Equity and Calamos Antetokounmpo Sustainable, you can compare the effects of market volatilities on Calamos Hedged and Calamos Antetokounmpo 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 Hedged with a short position of Calamos Antetokounmpo. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Hedged and Calamos Antetokounmpo.
Diversification Opportunities for Calamos Hedged and Calamos Antetokounmpo
0.9 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Calamos and Calamos is 0.9. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Hedged Equity and Calamos Antetokounmpo Sustaina in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calamos Antetokounmpo and Calamos Hedged 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 Hedged Equity are associated (or correlated) with Calamos Antetokounmpo. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Calamos Antetokounmpo has no effect on the direction of Calamos Hedged i.e., Calamos Hedged and Calamos Antetokounmpo go up and down completely randomly.
Pair Corralation between Calamos Hedged and Calamos Antetokounmpo
Assuming the 90 days horizon Calamos Hedged is expected to generate 1.04 times less return on investment than Calamos Antetokounmpo. But when comparing it to its historical volatility, Calamos Hedged Equity is 1.68 times less risky than Calamos Antetokounmpo. It trades about 0.15 of its potential returns per unit of risk. Calamos Antetokounmpo Sustainable is currently generating about 0.09 of returns per unit of risk over similar time horizon. If you would invest 1,185 in Calamos Antetokounmpo Sustainable on August 29, 2024 and sell it today you would earn a total of 107.00 from holding Calamos Antetokounmpo Sustainable or generate 9.03% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Calamos Hedged Equity vs. Calamos Antetokounmpo Sustaina
Performance |
| Timeline |
| Calamos Hedged Equity |
| Calamos Antetokounmpo |
Calamos Hedged and Calamos Antetokounmpo Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Hedged and Calamos Antetokounmpo
The main advantage of trading using opposite Calamos Hedged and Calamos Antetokounmpo positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Hedged position performs unexpectedly, Calamos Antetokounmpo 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 Calamos Antetokounmpo will offset losses from the drop in Calamos Antetokounmpo's long position.| Calamos Hedged vs. Bbh Intermediate Municipal | Calamos Hedged vs. Oklahoma Municipal Fund | Calamos Hedged vs. Baird Strategic Municipal | Calamos Hedged vs. T Rowe Price |
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 Efficient Frontier module to plot and analyze your portfolio and positions against risk-return landscape of the market..
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