Correlation Between Calamos Phineus and Calamos Short-term
Can any of the company-specific risk be diversified away by investing in both Calamos Phineus and Calamos Short-term 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 Phineus and Calamos Short-term into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Calamos Phineus Longshort and Calamos Short Term Bond, you can compare the effects of market volatilities on Calamos Phineus and Calamos Short-term 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 Phineus with a short position of Calamos Short-term. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Phineus and Calamos Short-term.
Diversification Opportunities for Calamos Phineus and Calamos Short-term
-0.32 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Calamos and Calamos is -0.32. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Phineus Longshort and Calamos Short Term Bond in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calamos Short Term and Calamos Phineus 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 Phineus Longshort are associated (or correlated) with Calamos Short-term. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Calamos Short Term has no effect on the direction of Calamos Phineus i.e., Calamos Phineus and Calamos Short-term go up and down completely randomly.
Pair Corralation between Calamos Phineus and Calamos Short-term
Assuming the 90 days horizon Calamos Phineus is expected to generate 1.03 times less return on investment than Calamos Short-term. In addition to that, Calamos Phineus is 2.74 times more volatile than Calamos Short Term Bond. It trades about 0.06 of its total potential returns per unit of risk. Calamos Short Term Bond is currently generating about 0.17 per unit of volatility. If you would invest 948.00 in Calamos Short Term Bond on August 31, 2024 and sell it today you would earn a total of 5.00 from holding Calamos Short Term Bond or generate 0.53% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Calamos Phineus Longshort vs. Calamos Short Term Bond
Performance |
| Timeline |
| Calamos Phineus Longshort |
| Calamos Short Term |
Calamos Phineus and Calamos Short-term Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Phineus and Calamos Short-term
The main advantage of trading using opposite Calamos Phineus and Calamos Short-term positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Phineus position performs unexpectedly, Calamos Short-term 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 Calamos Short-term will offset losses from the drop in Calamos Short-term's long position.| Calamos Phineus vs. American Funds Retirement | Calamos Phineus vs. Strategic Allocation Moderate | Calamos Phineus vs. Calvert Moderate Allocation | Calamos Phineus vs. Franklin Lifesmart Retirement |
| Calamos Short-term vs. Us Government Securities | Calamos Short-term vs. Fidelity Series Government | Calamos Short-term vs. Us Government Securities | Calamos Short-term vs. Franklin Adjustable Government |
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 Watchlist Optimization module to optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm.
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