Correlation Between Calamos High and Calamos Global
Can any of the company-specific risk be diversified away by investing in both Calamos High and Calamos 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 High and Calamos Global into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Calamos High Income and Calamos Global Vertible, you can compare the effects of market volatilities on Calamos High and Calamos 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 High with a short position of Calamos Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos High and Calamos Global.
Diversification Opportunities for Calamos High and Calamos Global
0.82 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Calamos and Calamos is 0.82. Overlapping area represents the amount of risk that can be diversified away by holding Calamos High Income and Calamos Global Vertible in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calamos Global Vertible and Calamos High 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 High Income are associated (or correlated) with Calamos Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Calamos Global Vertible has no effect on the direction of Calamos High i.e., Calamos High and Calamos Global go up and down completely randomly.
Pair Corralation between Calamos High and Calamos Global
Assuming the 90 days horizon Calamos High Income is expected to generate 0.31 times more return on investment than Calamos Global. However, Calamos High Income is 3.23 times less risky than Calamos Global. It trades about -0.04 of its potential returns per unit of risk. Calamos Global Vertible is currently generating about -0.1 per unit of risk. If you would invest 784.00 in Calamos High Income on December 1, 2024 and sell it today you would lose (1.00) from holding Calamos High Income or give up 0.13% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 95.45% |
| Values | Daily Returns |
Calamos High Income vs. Calamos Global Vertible
Performance |
| Timeline |
| Calamos High Income |
| Calamos Global Vertible |
Calamos High and Calamos Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos High and Calamos Global
The main advantage of trading using opposite Calamos High and Calamos Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos High position performs unexpectedly, Calamos 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 Calamos Global will offset losses from the drop in Calamos Global's long position.| Calamos High vs. Invesco Energy Fund | Calamos High vs. Oil Gas Ultrasector | Calamos High vs. Blackrock All Cap Energy | Calamos High vs. Franklin Natural Resources |
| Calamos Global vs. Oklahoma College Savings | Calamos Global vs. Jpmorgan Large Cap | Calamos Global vs. The Hartford Growth | Calamos Global vs. Crafword Dividend Growth |
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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
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