Correlation Between Calamos ETF and CHIR
Can any of the company-specific risk be diversified away by investing in both Calamos ETF and CHIR 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 CHIR 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 CHIR, you can compare the effects of market volatilities on Calamos ETF and CHIR 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 CHIR. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos ETF and CHIR.
Diversification Opportunities for Calamos ETF and CHIR
-0.76 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Calamos and CHIR is -0.76. Overlapping area represents the amount of risk that can be diversified away by holding Calamos ETF Trust and CHIR in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CHIR 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 CHIR. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CHIR has no effect on the direction of Calamos ETF i.e., Calamos ETF and CHIR go up and down completely randomly.
Pair Corralation between Calamos ETF and CHIR
If you would invest 2,523 in Calamos ETF Trust on September 13, 2024 and sell it today you would earn a total of 14.00 from holding Calamos ETF Trust or generate 0.55% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 4.55% |
| Values | Daily Returns |
Calamos ETF Trust vs. CHIR
Performance |
| Timeline |
| Calamos ETF Trust |
| CHIR |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Calamos ETF and CHIR Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos ETF and CHIR
The main advantage of trading using opposite Calamos ETF and CHIR positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos ETF position performs unexpectedly, CHIR 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 CHIR will offset losses from the drop in CHIR's long position.| Calamos ETF vs. FT Vest Equity | Calamos ETF vs. Northern Lights | Calamos ETF vs. Dimensional International High | Calamos ETF vs. JPMorgan Fundamental Data |
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 Portfolio Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.
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