Correlation Between Calamos Market and Columbia Strategic
Can any of the company-specific risk be diversified away by investing in both Calamos Market and Columbia Strategic 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 Market and Columbia Strategic into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Calamos Market Neutral and Columbia Strategic Income, you can compare the effects of market volatilities on Calamos Market and Columbia Strategic 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 Market with a short position of Columbia Strategic. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Market and Columbia Strategic.
Diversification Opportunities for Calamos Market and Columbia Strategic
0.47 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Calamos and Columbia is 0.47. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Market Neutral and Columbia Strategic Income in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Columbia Strategic Income and Calamos Market 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 Market Neutral are associated (or correlated) with Columbia Strategic. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Columbia Strategic Income has no effect on the direction of Calamos Market i.e., Calamos Market and Columbia Strategic go up and down completely randomly.
Pair Corralation between Calamos Market and Columbia Strategic
If you would invest 1,454 in Calamos Market Neutral on January 14, 2025 and sell it today you would earn a total of 41.00 from holding Calamos Market Neutral or generate 2.82% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Calamos Market Neutral vs. Columbia Strategic Income
Performance |
| Timeline |
| Calamos Market Neutral |
| Columbia Strategic Income |
Calamos Market and Columbia Strategic Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Market and Columbia Strategic
The main advantage of trading using opposite Calamos Market and Columbia Strategic positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Market position performs unexpectedly, Columbia Strategic 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 Columbia Strategic will offset losses from the drop in Columbia Strategic's long position.| Calamos Market vs. Ab International Growth | Calamos Market vs. Gamco International Growth | Calamos Market vs. Pnc International Growth | Calamos Market vs. Alpskotak India Growth |
| Columbia Strategic vs. Columbia Corporate Income | Columbia Strategic vs. Columbia Ultra Short | Columbia Strategic vs. Columbia Dividend Opportunity | Columbia Strategic vs. Columbia Integrated Large |
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.
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