Correlation Between Calamos Short-term and Goldman Sachs
Can any of the company-specific risk be diversified away by investing in both Calamos Short-term and Goldman Sachs 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 Goldman Sachs 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 Goldman Sachs International, you can compare the effects of market volatilities on Calamos Short-term and Goldman Sachs 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 Goldman Sachs. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Short-term and Goldman Sachs.
Diversification Opportunities for Calamos Short-term and Goldman Sachs
0.39 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Calamos and Goldman is 0.39. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Short Term Bond and Goldman Sachs International in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Goldman Sachs Intern 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 Goldman Sachs. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Goldman Sachs Intern has no effect on the direction of Calamos Short-term i.e., Calamos Short-term and Goldman Sachs go up and down completely randomly.
Pair Corralation between Calamos Short-term and Goldman Sachs
Assuming the 90 days horizon Calamos Short Term Bond is expected to generate 0.2 times more return on investment than Goldman Sachs. However, Calamos Short Term Bond is 5.04 times less risky than Goldman Sachs. It trades about 0.15 of its potential returns per unit of risk. Goldman Sachs International is currently generating about 0.03 per unit of risk. If you would invest 880.00 in Calamos Short Term Bond on August 31, 2024 and sell it today you would earn a total of 74.00 from holding Calamos Short Term Bond or generate 8.41% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 99.73% |
| Values | Daily Returns |
Calamos Short Term Bond vs. Goldman Sachs International
Performance |
| Timeline |
| Calamos Short Term |
| Goldman Sachs Intern |
Calamos Short-term and Goldman Sachs Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Short-term and Goldman Sachs
The main advantage of trading using opposite Calamos Short-term and Goldman Sachs positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Short-term position performs unexpectedly, Goldman Sachs 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 Goldman Sachs will offset losses from the drop in Goldman Sachs' long position.| Calamos Short-term vs. Us Government Securities | Calamos Short-term vs. Fidelity Series Government | Calamos Short-term vs. Us Government Securities | Calamos Short-term vs. Franklin Adjustable Government |
| Goldman Sachs vs. California Bond Fund | Goldman Sachs vs. Ambrus Core Bond | Goldman Sachs vs. Maryland Tax Free Bond | Goldman Sachs vs. Calamos Short Term Bond |
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 Global Correlations module to find global opportunities by holding instruments from different markets.
Other Complementary Tools
| Odds Of Bankruptcy Get analysis of equity chance of financial distress in the next 2 years | |
| Risk-Return Analysis View associations between returns expected from investment and the risk you assume | |
| Equity Valuation Check real value of public entities based on technical and fundamental data | |
| CEOs Directory Screen CEOs from public companies around the world | |
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine |