Correlation Between Calamos Short-term and 1290 Gamco
Can any of the company-specific risk be diversified away by investing in both Calamos Short-term and 1290 Gamco 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 1290 Gamco 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 1290 Gamco Smallmid, you can compare the effects of market volatilities on Calamos Short-term and 1290 Gamco 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 1290 Gamco. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Short-term and 1290 Gamco.
Diversification Opportunities for Calamos Short-term and 1290 Gamco
-0.25 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Calamos and 1290 is -0.25. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Short Term Bond and 1290 Gamco Smallmid in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on 1290 Gamco Smallmid 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 1290 Gamco. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of 1290 Gamco Smallmid has no effect on the direction of Calamos Short-term i.e., Calamos Short-term and 1290 Gamco go up and down completely randomly.
Pair Corralation between Calamos Short-term and 1290 Gamco
Assuming the 90 days horizon Calamos Short-term is expected to generate 32.52 times less return on investment than 1290 Gamco. But when comparing it to its historical volatility, Calamos Short Term Bond is 11.0 times less risky than 1290 Gamco. It trades about 0.09 of its potential returns per unit of risk. 1290 Gamco Smallmid is currently generating about 0.27 of returns per unit of risk over similar time horizon. If you would invest 1,762 in 1290 Gamco Smallmid on September 1, 2024 and sell it today you would earn a total of 129.00 from holding 1290 Gamco Smallmid or generate 7.32% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
Calamos Short Term Bond vs. 1290 Gamco Smallmid
Performance |
| Timeline |
| Calamos Short Term |
| 1290 Gamco Smallmid |
Calamos Short-term and 1290 Gamco Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Short-term and 1290 Gamco
The main advantage of trading using opposite Calamos Short-term and 1290 Gamco positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Short-term position performs unexpectedly, 1290 Gamco 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 1290 Gamco will offset losses from the drop in 1290 Gamco'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 |
| 1290 Gamco vs. Legg Mason Partners | 1290 Gamco vs. Oklahoma Municipal Fund | 1290 Gamco vs. Calamos Short Term Bond | 1290 Gamco vs. Thrivent Income 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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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