Correlation Between Calamos Market and Oppenheimer Global
Can any of the company-specific risk be diversified away by investing in both Calamos Market and Oppenheimer 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 Market and Oppenheimer Global 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 Oppenheimer Global Multi, you can compare the effects of market volatilities on Calamos Market and Oppenheimer 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 Market with a short position of Oppenheimer Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Market and Oppenheimer Global.
Diversification Opportunities for Calamos Market and Oppenheimer Global
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Calamos and Oppenheimer is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Market Neutral and Oppenheimer Global Multi in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Oppenheimer Global Multi 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 Oppenheimer Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Oppenheimer Global Multi has no effect on the direction of Calamos Market i.e., Calamos Market and Oppenheimer Global go up and down completely randomly.
Pair Corralation between Calamos Market and Oppenheimer Global
If you would invest 1,502 in Calamos Market Neutral on September 12, 2024 and sell it today you would earn a total of 5.00 from holding Calamos Market Neutral or generate 0.33% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Calamos Market Neutral vs. Oppenheimer Global Multi
Performance |
| Timeline |
| Calamos Market Neutral |
| Oppenheimer Global Multi |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Calamos Market and Oppenheimer Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Market and Oppenheimer Global
The main advantage of trading using opposite Calamos Market and Oppenheimer Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Market position performs unexpectedly, Oppenheimer 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 Oppenheimer Global will offset losses from the drop in Oppenheimer Global's long position.| Calamos Market vs. Prudential Health Sciences | Calamos Market vs. Health Biotchnology Portfolio | Calamos Market vs. Blackrock Health Sciences | Calamos Market vs. Tekla Healthcare Opportunities |
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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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
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