Correlation Between Calamos Short-term and Fidelity Series
Can any of the company-specific risk be diversified away by investing in both Calamos Short-term and Fidelity Series 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 Short-term and Fidelity Series into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Calamos Short Term Bond and Fidelity Series Government, you can compare the effects of market volatilities on Calamos Short-term and Fidelity Series 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 Short-term with a short position of Fidelity Series. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Short-term and Fidelity Series.
Diversification Opportunities for Calamos Short-term and Fidelity Series
0.72 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Calamos and Fidelity is 0.72. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Short Term Bond and Fidelity Series Government in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fidelity Series Gove and Calamos Short-term 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 Short Term Bond are associated (or correlated) with Fidelity Series. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fidelity Series Gove has no effect on the direction of Calamos Short-term i.e., Calamos Short-term and Fidelity Series go up and down completely randomly.
Pair Corralation between Calamos Short-term and Fidelity Series
Assuming the 90 days horizon Calamos Short Term Bond is expected to generate 0.42 times more return on investment than Fidelity Series. However, Calamos Short Term Bond is 2.4 times less risky than Fidelity Series. It trades about 0.14 of its potential returns per unit of risk. Fidelity Series Government is currently generating about 0.03 per unit of risk. If you would invest 856.00 in Calamos Short Term Bond on September 2, 2024 and sell it today you would earn a total of 98.00 from holding Calamos Short Term Bond or generate 11.45% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Calamos Short Term Bond vs. Fidelity Series Government
Performance |
| Timeline |
| Calamos Short Term |
| Fidelity Series Gove |
Calamos Short-term and Fidelity Series Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Short-term and Fidelity Series
The main advantage of trading using opposite Calamos Short-term and Fidelity Series positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Short-term position performs unexpectedly, Fidelity Series 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 Fidelity Series will offset losses from the drop in Fidelity Series' long position.| Calamos Short-term vs. Lord Abbett Small | Calamos Short-term vs. Heartland Value Plus | Calamos Short-term vs. Mid Cap Value Profund | Calamos Short-term vs. Vanguard Small Cap Value |
| Fidelity Series vs. Calamos Dynamic Convertible | Fidelity Series vs. Bbh Intermediate Municipal | Fidelity Series vs. Multisector Bond Sma | Fidelity Series vs. Ab Bond Inflation |
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 Portfolio Optimization module to compute new portfolio that will generate highest expected return given your specified tolerance for risk.
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