Correlation Between Calamos ETF and USCF Gold
Can any of the company-specific risk be diversified away by investing in both Calamos ETF and USCF Gold 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 ETF and USCF Gold into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Calamos ETF Trust and USCF Gold Strategy, you can compare the effects of market volatilities on Calamos ETF and USCF Gold 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 ETF with a short position of USCF Gold. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos ETF and USCF Gold.
Diversification Opportunities for Calamos ETF and USCF Gold
-0.52 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Calamos and USCF is -0.52. Overlapping area represents the amount of risk that can be diversified away by holding Calamos ETF Trust and USCF Gold Strategy in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on USCF Gold Strategy and Calamos ETF 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 ETF Trust are associated (or correlated) with USCF Gold. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of USCF Gold Strategy has no effect on the direction of Calamos ETF i.e., Calamos ETF and USCF Gold go up and down completely randomly.
Pair Corralation between Calamos ETF and USCF Gold
Given the investment horizon of 90 days Calamos ETF Trust is expected to under-perform the USCF Gold. In addition to that, Calamos ETF is 20.8 times more volatile than USCF Gold Strategy. It trades about -0.21 of its total potential returns per unit of risk. USCF Gold Strategy is currently generating about 0.12 per unit of volatility. If you would invest 2,951 in USCF Gold Strategy on September 12, 2024 and sell it today you would earn a total of 79.10 from holding USCF Gold Strategy or generate 2.68% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Calamos ETF Trust vs. USCF Gold Strategy
Performance |
| Timeline |
| Calamos ETF Trust |
| USCF Gold Strategy |
Calamos ETF and USCF Gold Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos ETF and USCF Gold
The main advantage of trading using opposite Calamos ETF and USCF Gold positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos ETF position performs unexpectedly, USCF Gold 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 USCF Gold will offset losses from the drop in USCF Gold's long position.| Calamos ETF vs. Calamos Antetokounmpo Global | Calamos ETF vs. Calamos Alternative Nasdaq | Calamos ETF vs. Calamos ETF Trust | Calamos ETF vs. Calamos ETF Trust |
| USCF Gold vs. SPDR Gold Shares | USCF Gold vs. iShares Gold Trust | USCF Gold vs. iShares Silver Trust | USCF Gold vs. SPDR Gold MiniShares |
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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
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