Correlation Between Calamos Short-term and Gamco International
Can any of the company-specific risk be diversified away by investing in both Calamos Short-term and Gamco International 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 Gamco International 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 Gamco International Growth, you can compare the effects of market volatilities on Calamos Short-term and Gamco International 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 Gamco International. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Short-term and Gamco International.
Diversification Opportunities for Calamos Short-term and Gamco International
0.29 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Calamos and Gamco is 0.29. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Short Term Bond and Gamco International Growth in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Gamco International 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 Gamco International. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Gamco International has no effect on the direction of Calamos Short-term i.e., Calamos Short-term and Gamco International go up and down completely randomly.
Pair Corralation between Calamos Short-term and Gamco International
Assuming the 90 days horizon Calamos Short Term Bond is expected to generate 0.13 times more return on investment than Gamco International. However, Calamos Short Term Bond is 7.69 times less risky than Gamco International. It trades about 0.09 of its potential returns per unit of risk. Gamco International Growth is currently generating about -0.12 per unit of risk. If you would invest 952.00 in Calamos Short Term Bond on September 1, 2024 and sell it today you would earn a total of 2.00 from holding Calamos Short Term Bond or generate 0.21% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
Calamos Short Term Bond vs. Gamco International Growth
Performance |
| Timeline |
| Calamos Short Term |
| Gamco International |
Calamos Short-term and Gamco International Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Short-term and Gamco International
The main advantage of trading using opposite Calamos Short-term and Gamco International positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Short-term position performs unexpectedly, Gamco International 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 Gamco International will offset losses from the drop in Gamco International's long position.| Calamos Short-term vs. Ab Bond Inflation | Calamos Short-term vs. Cref Inflation Linked Bond | Calamos Short-term vs. American Funds Inflation | Calamos Short-term vs. Oklahoma College Savings |
| Gamco International vs. Federated Ohio Municipal | Gamco International vs. Calamos Short Term Bond | Gamco International vs. Bbh Intermediate Municipal | Gamco International vs. Oklahoma Municipal Fund |
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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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