Correlation Between Calamos Phineus and Cognios Market
Can any of the company-specific risk be diversified away by investing in both Calamos Phineus and Cognios Market 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 Cognios Market 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 Cognios Market Neutral, you can compare the effects of market volatilities on Calamos Phineus and Cognios Market 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 Cognios Market. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Phineus and Cognios Market.
Diversification Opportunities for Calamos Phineus and Cognios Market
-0.16 | Correlation Coefficient |
Good diversification
The 3 months correlation between Calamos and Cognios is -0.16. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Phineus Longshort and Cognios Market Neutral in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cognios Market Neutral 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 Cognios Market. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cognios Market Neutral has no effect on the direction of Calamos Phineus i.e., Calamos Phineus and Cognios Market go up and down completely randomly.
Pair Corralation between Calamos Phineus and Cognios Market
Assuming the 90 days horizon Calamos Phineus is expected to generate 1.14 times less return on investment than Cognios Market. In addition to that, Calamos Phineus is 1.04 times more volatile than Cognios Market Neutral. It trades about 0.04 of its total potential returns per unit of risk. Cognios Market Neutral is currently generating about 0.05 per unit of volatility. If you would invest 1,103 in Cognios Market Neutral on November 27, 2024 and sell it today you would earn a total of 138.00 from holding Cognios Market Neutral or generate 12.51% 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. Cognios Market Neutral
Performance |
| Timeline |
| Calamos Phineus Longshort |
| Cognios Market Neutral |
Calamos Phineus and Cognios Market Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Phineus and Cognios Market
The main advantage of trading using opposite Calamos Phineus and Cognios Market positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Phineus position performs unexpectedly, Cognios Market 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 Cognios Market will offset losses from the drop in Cognios Market's long position.| Calamos Phineus vs. Global Technology Portfolio | Calamos Phineus vs. Pgim Jennison Technology | Calamos Phineus vs. Dreyfus Technology Growth | Calamos Phineus vs. Pgim Jennison Technology |
| Cognios Market vs. Virtus Convertible | Cognios Market vs. Calamos Vertible Fund | Cognios Market vs. Franklin Vertible Securities | Cognios Market vs. Putnam Vertible Securities |
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 Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
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