Correlation Between Calamos Market and Voya Solution
Can any of the company-specific risk be diversified away by investing in both Calamos Market and Voya Solution 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 Voya Solution 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 Voya Solution Moderately, you can compare the effects of market volatilities on Calamos Market and Voya Solution 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 Voya Solution. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Market and Voya Solution.
Diversification Opportunities for Calamos Market and Voya Solution
0.92 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Calamos and Voya is 0.92. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Market Neutral and Voya Solution Moderately in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Voya Solution Moderately 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 Voya Solution. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Voya Solution Moderately has no effect on the direction of Calamos Market i.e., Calamos Market and Voya Solution go up and down completely randomly.
Pair Corralation between Calamos Market and Voya Solution
Assuming the 90 days horizon Calamos Market is expected to generate 5.05 times less return on investment than Voya Solution. But when comparing it to its historical volatility, Calamos Market Neutral is 2.33 times less risky than Voya Solution. It trades about 0.07 of its potential returns per unit of risk. Voya Solution Moderately is currently generating about 0.14 of returns per unit of risk over similar time horizon. If you would invest 1,026 in Voya Solution Moderately on September 4, 2024 and sell it today you would earn a total of 229.00 from holding Voya Solution Moderately or generate 22.32% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Calamos Market Neutral vs. Voya Solution Moderately
Performance |
| Timeline |
| Calamos Market Neutral |
| Voya Solution Moderately |
Calamos Market and Voya Solution Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Market and Voya Solution
The main advantage of trading using opposite Calamos Market and Voya Solution positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Market position performs unexpectedly, Voya Solution 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 Voya Solution will offset losses from the drop in Voya Solution's long position.| Calamos Market vs. Needham Aggressive Growth | Calamos Market vs. Morningstar Aggressive Growth | Calamos Market vs. Vanguard Star Fund | Calamos Market vs. Goldman Sachs High |
| Voya Solution vs. The Hartford Emerging | Voya Solution vs. Shelton Emerging Markets | Voya Solution vs. Calamos Market Neutral | Voya Solution vs. Rbc Emerging Markets |
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 Portfolio Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
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