Correlation Between Calamos Strategic and Aberdeen Global
Can any of the company-specific risk be diversified away by investing in both Calamos Strategic and Aberdeen 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 Strategic and Aberdeen Global into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Calamos Strategic Total and Aberdeen Global Premier, you can compare the effects of market volatilities on Calamos Strategic and Aberdeen 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 Strategic with a short position of Aberdeen Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Strategic and Aberdeen Global.
Diversification Opportunities for Calamos Strategic and Aberdeen Global
-0.44 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Calamos and Aberdeen is -0.44. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Strategic Total and Aberdeen Global Premier in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Aberdeen Global Premier and Calamos Strategic 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 Strategic Total are associated (or correlated) with Aberdeen Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Aberdeen Global Premier has no effect on the direction of Calamos Strategic i.e., Calamos Strategic and Aberdeen Global go up and down completely randomly.
Pair Corralation between Calamos Strategic and Aberdeen Global
Considering the 90-day investment horizon Calamos Strategic Total is expected to generate 0.63 times more return on investment than Aberdeen Global. However, Calamos Strategic Total is 1.59 times less risky than Aberdeen Global. It trades about 0.12 of its potential returns per unit of risk. Aberdeen Global Premier is currently generating about 0.05 per unit of risk. If you would invest 1,301 in Calamos Strategic Total on September 12, 2024 and sell it today you would earn a total of 523.00 from holding Calamos Strategic Total or generate 40.2% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Calamos Strategic Total vs. Aberdeen Global Premier
Performance |
| Timeline |
| Calamos Strategic Total |
| Aberdeen Global Premier |
Calamos Strategic and Aberdeen Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Strategic and Aberdeen Global
The main advantage of trading using opposite Calamos Strategic and Aberdeen Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Strategic position performs unexpectedly, Aberdeen 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 Aberdeen Global will offset losses from the drop in Aberdeen Global's long position.| Calamos Strategic vs. Calamos Convertible Opportunities | Calamos Strategic vs. Calamos Dynamic Convertible | Calamos Strategic vs. Calamos Global Dynamic | Calamos Strategic vs. Calamos LongShort Equity |
| Aberdeen Global vs. Aberdeen Total Dynamic | Aberdeen Global vs. Alliancebernstein National Municipal | Aberdeen Global vs. Aberdeen Standard Global | Aberdeen Global vs. BlackRock Energy and |
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 Efficient Frontier module to plot and analyze your portfolio and positions against risk-return landscape of the market..
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