Correlation Between Calamos ETF and WisdomTree Japan
Can any of the company-specific risk be diversified away by investing in both Calamos ETF and WisdomTree Japan 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 WisdomTree Japan 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 WisdomTree Japan SmallCap, you can compare the effects of market volatilities on Calamos ETF and WisdomTree Japan 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 WisdomTree Japan. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos ETF and WisdomTree Japan.
Diversification Opportunities for Calamos ETF and WisdomTree Japan
0.86 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Calamos and WisdomTree is 0.86. Overlapping area represents the amount of risk that can be diversified away by holding Calamos ETF Trust and WisdomTree Japan SmallCap in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on WisdomTree Japan SmallCap 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 WisdomTree Japan. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of WisdomTree Japan SmallCap has no effect on the direction of Calamos ETF i.e., Calamos ETF and WisdomTree Japan go up and down completely randomly.
Pair Corralation between Calamos ETF and WisdomTree Japan
Given the investment horizon of 90 days Calamos ETF is expected to generate 16.67 times less return on investment than WisdomTree Japan. But when comparing it to its historical volatility, Calamos ETF Trust is 7.28 times less risky than WisdomTree Japan. It trades about 0.16 of its potential returns per unit of risk. WisdomTree Japan SmallCap is currently generating about 0.37 of returns per unit of risk over similar time horizon. If you would invest 9,016 in WisdomTree Japan SmallCap on November 18, 2025 and sell it today you would earn a total of 2,047 from holding WisdomTree Japan SmallCap or generate 22.7% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 98.39% |
| Values | Daily Returns |
Calamos ETF Trust vs. WisdomTree Japan SmallCap
Performance |
| Timeline |
| Calamos ETF Trust |
| WisdomTree Japan SmallCap |
Calamos ETF and WisdomTree Japan Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos ETF and WisdomTree Japan
The main advantage of trading using opposite Calamos ETF and WisdomTree Japan positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos ETF position performs unexpectedly, WisdomTree Japan 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 WisdomTree Japan will offset losses from the drop in WisdomTree Japan's long position.| Calamos ETF vs. Calamos SP 500 | Calamos ETF vs. Pacer Swan SOS | Calamos ETF vs. AIM ETF Products | Calamos ETF vs. Calamos ETF Trust |
| WisdomTree Japan vs. WisdomTree SmallCap Quality | WisdomTree Japan vs. iShares MSCI Indonesia | WisdomTree Japan vs. WisdomTree Cloud Computing | WisdomTree Japan vs. Davis Select Financial |
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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
Other Complementary Tools
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine | |
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
| Pair Correlation Compare performance and examine fundamental relationship between any two equity instruments | |
| Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios |