Correlation Between Calamos Strategic and Future Scholar
Can any of the company-specific risk be diversified away by investing in both Calamos Strategic and Future Scholar 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 Future Scholar 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 Future Scholar 529, you can compare the effects of market volatilities on Calamos Strategic and Future Scholar 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 Future Scholar. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Strategic and Future Scholar.
Diversification Opportunities for Calamos Strategic and Future Scholar
0.28 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Calamos and Future is 0.28. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Strategic Total and Future Scholar 529 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Future Scholar 529 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 Future Scholar. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Future Scholar 529 has no effect on the direction of Calamos Strategic i.e., Calamos Strategic and Future Scholar go up and down completely randomly.
Pair Corralation between Calamos Strategic and Future Scholar
Considering the 90-day investment horizon Calamos Strategic Total is expected to under-perform the Future Scholar. In addition to that, Calamos Strategic is 4.29 times more volatile than Future Scholar 529. It trades about -0.26 of its total potential returns per unit of risk. Future Scholar 529 is currently generating about 0.26 per unit of volatility. If you would invest 1,167 in Future Scholar 529 on December 1, 2024 and sell it today you would earn a total of 11.00 from holding Future Scholar 529 or generate 0.94% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Calamos Strategic Total vs. Future Scholar 529
Performance |
| Timeline |
| Calamos Strategic Total |
| Future Scholar 529 |
Calamos Strategic and Future Scholar Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Strategic and Future Scholar
The main advantage of trading using opposite Calamos Strategic and Future Scholar positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Strategic position performs unexpectedly, Future Scholar 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 Future Scholar will offset losses from the drop in Future Scholar'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 |
| Future Scholar vs. Jhvit Core Bond | Future Scholar vs. Doubleline Total Return | Future Scholar vs. Versatile Bond Portfolio | Future Scholar vs. Flexible Bond Portfolio |
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 AI Portfolio Architect module to use AI to generate optimal portfolios and find profitable investment opportunities.
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