Correlation Between Calamos Market and Fidelity Asset
Can any of the company-specific risk be diversified away by investing in both Calamos Market and Fidelity Asset 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 Fidelity Asset 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 Fidelity Asset Manager, you can compare the effects of market volatilities on Calamos Market and Fidelity Asset 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 Fidelity Asset. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Market and Fidelity Asset.
Diversification Opportunities for Calamos Market and Fidelity Asset
-0.09 | Correlation Coefficient |
Good diversification
The 3 months correlation between Calamos and Fidelity is -0.09. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Market Neutral and Fidelity Asset Manager in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fidelity Asset Manager 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 Fidelity Asset. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fidelity Asset Manager has no effect on the direction of Calamos Market i.e., Calamos Market and Fidelity Asset go up and down completely randomly.
Pair Corralation between Calamos Market and Fidelity Asset
Assuming the 90 days horizon Calamos Market Neutral is expected to generate 0.42 times more return on investment than Fidelity Asset. However, Calamos Market Neutral is 2.36 times less risky than Fidelity Asset. It trades about 0.32 of its potential returns per unit of risk. Fidelity Asset Manager is currently generating about 0.06 per unit of risk. If you would invest 1,480 in Calamos Market Neutral on September 12, 2024 and sell it today you would earn a total of 29.00 from holding Calamos Market Neutral or generate 1.96% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Calamos Market Neutral vs. Fidelity Asset Manager
Performance |
| Timeline |
| Calamos Market Neutral |
| Fidelity Asset Manager |
Calamos Market and Fidelity Asset Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Market and Fidelity Asset
The main advantage of trading using opposite Calamos Market and Fidelity Asset positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Market position performs unexpectedly, Fidelity Asset 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 Fidelity Asset will offset losses from the drop in Fidelity Asset's long position.| Calamos Market vs. Amg River Road | Calamos Market vs. Great West Loomis Sayles | Calamos Market vs. Ab Small Cap | Calamos Market vs. Fpa Queens Road |
| Fidelity Asset vs. Franklin Growth Opportunities | Fidelity Asset vs. Qs Moderate Growth | Fidelity Asset vs. Qs Defensive Growth | Fidelity Asset vs. Eip Growth And |
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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
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