Correlation Between Calamos Longshort and Calamos Antetokounmpo
Can any of the company-specific risk be diversified away by investing in both Calamos Longshort and Calamos Antetokounmpo 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 Longshort and Calamos Antetokounmpo into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Calamos Longshort Fund and Calamos Antetokounmpo Sustainable, you can compare the effects of market volatilities on Calamos Longshort and Calamos Antetokounmpo 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 Longshort with a short position of Calamos Antetokounmpo. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Longshort and Calamos Antetokounmpo.
Diversification Opportunities for Calamos Longshort and Calamos Antetokounmpo
0.05 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Calamos and Calamos is 0.05. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Longshort Fund and Calamos Antetokounmpo Sustaina in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calamos Antetokounmpo and Calamos Longshort 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 Longshort Fund are associated (or correlated) with Calamos Antetokounmpo. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Calamos Antetokounmpo has no effect on the direction of Calamos Longshort i.e., Calamos Longshort and Calamos Antetokounmpo go up and down completely randomly.
Pair Corralation between Calamos Longshort and Calamos Antetokounmpo
Assuming the 90 days horizon Calamos Longshort is expected to generate 1.49 times less return on investment than Calamos Antetokounmpo. In addition to that, Calamos Longshort is 1.3 times more volatile than Calamos Antetokounmpo Sustainable. It trades about 0.02 of its total potential returns per unit of risk. Calamos Antetokounmpo Sustainable is currently generating about 0.03 per unit of volatility. If you would invest 1,293 in Calamos Antetokounmpo Sustainable on September 12, 2024 and sell it today you would earn a total of 4.00 from holding Calamos Antetokounmpo Sustainable or generate 0.31% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Insignificant |
Accuracy | 95.45% |
Values | Daily Returns |
Calamos Longshort Fund vs. Calamos Antetokounmpo Sustaina
Performance |
Timeline |
Calamos Longshort |
Calamos Antetokounmpo |
Calamos Longshort and Calamos Antetokounmpo Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Calamos Longshort and Calamos Antetokounmpo
The main advantage of trading using opposite Calamos Longshort and Calamos Antetokounmpo positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Longshort position performs unexpectedly, Calamos Antetokounmpo 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 Antetokounmpo will offset losses from the drop in Calamos Antetokounmpo's long position.Calamos Longshort vs. Smallcap Growth Fund | Calamos Longshort vs. T Rowe Price | Calamos Longshort vs. L Abbett Growth | Calamos Longshort vs. Qs Moderate Growth |
Calamos Antetokounmpo vs. Vanguard Total Stock | Calamos Antetokounmpo vs. Vanguard 500 Index | Calamos Antetokounmpo vs. Vanguard Total Stock | Calamos Antetokounmpo vs. Vanguard Total Stock |
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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
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