Correlation Between Calamos Strategic and Bts Managed
Can any of the company-specific risk be diversified away by investing in both Calamos Strategic and Bts Managed 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 Bts Managed 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 Bts Managed Income, you can compare the effects of market volatilities on Calamos Strategic and Bts Managed 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 Bts Managed. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Strategic and Bts Managed.
Diversification Opportunities for Calamos Strategic and Bts Managed
0.88 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Calamos and Bts is 0.88. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Strategic Total and Bts Managed Income in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bts Managed Income 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 Bts Managed. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bts Managed Income has no effect on the direction of Calamos Strategic i.e., Calamos Strategic and Bts Managed go up and down completely randomly.
Pair Corralation between Calamos Strategic and Bts Managed
Considering the 90-day investment horizon Calamos Strategic Total is expected to generate 3.87 times more return on investment than Bts Managed. However, Calamos Strategic is 3.87 times more volatile than Bts Managed Income. It trades about 0.33 of its potential returns per unit of risk. Bts Managed Income is currently generating about 0.5 per unit of risk. If you would invest 1,717 in Calamos Strategic Total on September 2, 2024 and sell it today you would earn a total of 97.00 from holding Calamos Strategic Total or generate 5.65% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Calamos Strategic Total vs. Bts Managed Income
Performance |
| Timeline |
| Calamos Strategic Total |
| Bts Managed Income |
Calamos Strategic and Bts Managed Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Strategic and Bts Managed
The main advantage of trading using opposite Calamos Strategic and Bts Managed positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Strategic position performs unexpectedly, Bts Managed 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 Bts Managed will offset losses from the drop in Bts Managed'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 |
| Bts Managed vs. Shelton Emerging Markets | Bts Managed vs. Eagle Mlp Strategy | Bts Managed vs. Franklin Emerging Market | Bts Managed vs. Pace International Emerging |
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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
Other Complementary Tools
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
| Portfolio Comparator Compare the composition, asset allocations and performance of any two portfolios in your account | |
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities | |
| Fundamental Analysis View fundamental data based on most recent published financial statements | |
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities |