Correlation Between Calamos Short-term and Cohen Steers
Can any of the company-specific risk be diversified away by investing in both Calamos Short-term and Cohen Steers 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 Cohen Steers 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 Cohen Steers Mlp, you can compare the effects of market volatilities on Calamos Short-term and Cohen Steers 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 Cohen Steers. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Short-term and Cohen Steers.
Diversification Opportunities for Calamos Short-term and Cohen Steers
-0.29 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Calamos and Cohen is -0.29. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Short Term Bond and Cohen Steers Mlp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cohen Steers Mlp 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 Cohen Steers. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cohen Steers Mlp has no effect on the direction of Calamos Short-term i.e., Calamos Short-term and Cohen Steers go up and down completely randomly.
Pair Corralation between Calamos Short-term and Cohen Steers
Assuming the 90 days horizon Calamos Short-term is expected to generate 34.83 times less return on investment than Cohen Steers. But when comparing it to its historical volatility, Calamos Short Term Bond is 5.64 times less risky than Cohen Steers. It trades about 0.09 of its potential returns per unit of risk. Cohen Steers Mlp is currently generating about 0.57 of returns per unit of risk over similar time horizon. If you would invest 867.00 in Cohen Steers Mlp on September 1, 2024 and sell it today you would earn a total of 66.00 from holding Cohen Steers Mlp or generate 7.61% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Calamos Short Term Bond vs. Cohen Steers Mlp
Performance |
| Timeline |
| Calamos Short Term |
| Cohen Steers Mlp |
Calamos Short-term and Cohen Steers Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Short-term and Cohen Steers
The main advantage of trading using opposite Calamos Short-term and Cohen Steers positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Short-term position performs unexpectedly, Cohen Steers 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 Cohen Steers will offset losses from the drop in Cohen Steers' 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 |
| Cohen Steers vs. Federated Ohio Municipal | Cohen Steers vs. Calamos Short Term Bond | Cohen Steers vs. Legg Mason Partners | Cohen Steers vs. Blrc Sgy Mnp |
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 Bond Analysis module to evaluate and analyze corporate bonds as a potential investment for your portfolios..
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