Correlation Between Calamos Market and Tcw Emerging
Can any of the company-specific risk be diversified away by investing in both Calamos Market and Tcw Emerging 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 Tcw Emerging 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 Tcw Emerging Markets, you can compare the effects of market volatilities on Calamos Market and Tcw Emerging 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 Tcw Emerging. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Market and Tcw Emerging.
Diversification Opportunities for Calamos Market and Tcw Emerging
-0.78 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Calamos and Tcw is -0.78. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Market Neutral and Tcw Emerging Markets in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tcw Emerging Markets 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 Tcw Emerging. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tcw Emerging Markets has no effect on the direction of Calamos Market i.e., Calamos Market and Tcw Emerging go up and down completely randomly.
Pair Corralation between Calamos Market and Tcw Emerging
Assuming the 90 days horizon Calamos Market Neutral is expected to generate 0.88 times more return on investment than Tcw Emerging. However, Calamos Market Neutral is 1.14 times less risky than Tcw Emerging. It trades about 0.06 of its potential returns per unit of risk. Tcw Emerging Markets is currently generating about 0.05 per unit of risk. If you would invest 1,331 in Calamos Market Neutral on September 12, 2024 and sell it today you would earn a total of 176.00 from holding Calamos Market Neutral or generate 13.22% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Calamos Market Neutral vs. Tcw Emerging Markets
Performance |
| Timeline |
| Calamos Market Neutral |
| Tcw Emerging Markets |
Calamos Market and Tcw Emerging Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Market and Tcw Emerging
The main advantage of trading using opposite Calamos Market and Tcw Emerging positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Market position performs unexpectedly, Tcw Emerging 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 Tcw Emerging will offset losses from the drop in Tcw Emerging'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 |
| Tcw Emerging vs. Ab Small Cap | Tcw Emerging vs. Touchstone Small Cap | Tcw Emerging vs. Smallcap Growth Fund | Tcw Emerging vs. Small Pany Growth |
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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
Other Complementary Tools
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets | |
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing | |
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas | |
| Global Correlations Find global opportunities by holding instruments from different markets | |
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum |