Correlation Between Calamos Market and Total Income
Can any of the company-specific risk be diversified away by investing in both Calamos Market and Total Income 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 Total Income 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 Total Income Real, you can compare the effects of market volatilities on Calamos Market and Total Income 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 Total Income. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Market and Total Income.
Diversification Opportunities for Calamos Market and Total Income
-0.74 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Calamos and Total is -0.74. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Market Neutral and Total Income Real in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Total Income Real 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 Total Income. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Total Income Real has no effect on the direction of Calamos Market i.e., Calamos Market and Total Income go up and down completely randomly.
Pair Corralation between Calamos Market and Total Income
Assuming the 90 days horizon Calamos Market Neutral is expected to generate 1.96 times more return on investment than Total Income. However, Calamos Market is 1.96 times more volatile than Total Income Real. It trades about 0.29 of its potential returns per unit of risk. Total Income Real is currently generating about -0.23 per unit of risk. If you would invest 1,496 in Calamos Market Neutral on September 5, 2024 and sell it today you would earn a total of 10.00 from holding Calamos Market Neutral or generate 0.67% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
Calamos Market Neutral vs. Total Income Real
Performance |
| Timeline |
| Calamos Market Neutral |
| Total Income Real |
Calamos Market and Total Income Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Market and Total Income
The main advantage of trading using opposite Calamos Market and Total Income positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Market position performs unexpectedly, Total Income 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 Total Income will offset losses from the drop in Total Income's long position.| Calamos Market vs. Innealta Capital Sector | Calamos Market vs. Calamos Antetokounmpo Sustainable | Calamos Market vs. Calamos Opportunistic Value | Calamos Market vs. Calamos Opportunistic Value |
| Total Income vs. Artisan Thematic Fund | Total Income vs. Growth Strategy Fund | Total Income vs. Scharf Global Opportunity | Total Income vs. Qs Global Equity |
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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
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