Correlation Between Cmg Ultra and Calamos International
Can any of the company-specific risk be diversified away by investing in both Cmg Ultra and Calamos International 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 Cmg Ultra and Calamos International into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Cmg Ultra Short and Calamos International Growth, you can compare the effects of market volatilities on Cmg Ultra and Calamos International 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 Cmg Ultra with a short position of Calamos International. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cmg Ultra and Calamos International.
Diversification Opportunities for Cmg Ultra and Calamos International
-0.39 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Cmg and Calamos is -0.39. Overlapping area represents the amount of risk that can be diversified away by holding Cmg Ultra Short and Calamos International Growth in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calamos International and Cmg Ultra 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 Cmg Ultra Short are associated (or correlated) with Calamos International. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Calamos International has no effect on the direction of Cmg Ultra i.e., Cmg Ultra and Calamos International go up and down completely randomly.
Pair Corralation between Cmg Ultra and Calamos International
Assuming the 90 days horizon Cmg Ultra Short is expected to generate 0.13 times more return on investment than Calamos International. However, Cmg Ultra Short is 7.89 times less risky than Calamos International. It trades about 0.24 of its potential returns per unit of risk. Calamos International Growth is currently generating about -0.03 per unit of risk. If you would invest 923.00 in Cmg Ultra Short on October 23, 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 | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Cmg Ultra Short vs. Calamos International Growth
Performance |
| Timeline |
| Cmg Ultra Short |
| Calamos International |
Cmg Ultra and Calamos International Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cmg Ultra and Calamos International
The main advantage of trading using opposite Cmg Ultra and Calamos International positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cmg Ultra position performs unexpectedly, Calamos International 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 International will offset losses from the drop in Calamos International's long position.| Cmg Ultra vs. Fpa Queens Road | Cmg Ultra vs. Applied Finance Explorer | Cmg Ultra vs. Small Cap Value Fund | Cmg Ultra vs. Great West Loomis Sayles |
| Calamos International vs. Qs Global Equity | Calamos International vs. Legg Mason Global | Calamos International vs. Kinetics Global Fund | Calamos International vs. Dreyfusstandish Global Fixed |
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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
Other Complementary Tools
| FinTech Suite Use AI to screen and filter profitable investment opportunities | |
| Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes | |
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences | |
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments | |
| Odds Of Bankruptcy Get analysis of equity chance of financial distress in the next 2 years |