Correlation Between Calamos Phineus and Calamos Global
Can any of the company-specific risk be diversified away by investing in both Calamos Phineus and Calamos 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 Phineus and Calamos Global 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 Global Vertible, you can compare the effects of market volatilities on Calamos Phineus and Calamos 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 Phineus with a short position of Calamos Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Phineus and Calamos Global.
Diversification Opportunities for Calamos Phineus and Calamos Global
0.25 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Calamos and Calamos is 0.25. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Phineus Longshort and Calamos Global Vertible in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calamos Global Vertible 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 Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Calamos Global Vertible has no effect on the direction of Calamos Phineus i.e., Calamos Phineus and Calamos Global go up and down completely randomly.
Pair Corralation between Calamos Phineus and Calamos Global
Assuming the 90 days horizon Calamos Phineus Longshort is expected to under-perform the Calamos Global. But the mutual fund apears to be less risky and, when comparing its historical volatility, Calamos Phineus Longshort is 1.69 times less risky than Calamos Global. The mutual fund trades about -0.44 of its potential returns per unit of risk. The Calamos Global Vertible is currently generating about 0.11 of returns per unit of risk over similar time horizon. If you would invest 1,252 in Calamos Global Vertible on November 27, 2024 and sell it today you would earn a total of 14.00 from holding Calamos Global Vertible or generate 1.12% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Calamos Phineus Longshort vs. Calamos Global Vertible
Performance |
| Timeline |
| Calamos Phineus Longshort |
| Calamos Global Vertible |
Calamos Phineus and Calamos Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Phineus and Calamos Global
The main advantage of trading using opposite Calamos Phineus and Calamos Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Phineus position performs unexpectedly, Calamos 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 Calamos Global will offset losses from the drop in Calamos Global's long position.| Calamos Phineus vs. Calamos Phineus Longshort | Calamos Phineus vs. Calamos Market Neutral | Calamos Phineus vs. Calamos Phineus Longshort |
| Calamos Global vs. Goldman Sachs Emerging | Calamos Global vs. Siit Emerging Markets | Calamos Global vs. Calvert Developed Market | Calamos Global vs. Rbc Emerging Markets |
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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.
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