Correlation Between Calamos Total and Calamos Opportunistic
Can any of the company-specific risk be diversified away by investing in both Calamos Total and Calamos Opportunistic 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 Total and Calamos Opportunistic into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Calamos Total Return and Calamos Opportunistic Value, you can compare the effects of market volatilities on Calamos Total and Calamos Opportunistic 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 Total with a short position of Calamos Opportunistic. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Total and Calamos Opportunistic.
Diversification Opportunities for Calamos Total and Calamos Opportunistic
-0.7 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Calamos and Calamos is -0.7. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Total Return and Calamos Opportunistic Value in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calamos Opportunistic and Calamos Total 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 Total Return are associated (or correlated) with Calamos Opportunistic. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Calamos Opportunistic has no effect on the direction of Calamos Total i.e., Calamos Total and Calamos Opportunistic go up and down completely randomly.
Pair Corralation between Calamos Total and Calamos Opportunistic
Assuming the 90 days horizon Calamos Total is expected to generate 8.21 times less return on investment than Calamos Opportunistic. But when comparing it to its historical volatility, Calamos Total Return is 2.43 times less risky than Calamos Opportunistic. It trades about 0.05 of its potential returns per unit of risk. Calamos Opportunistic Value is currently generating about 0.18 of returns per unit of risk over similar time horizon. If you would invest 1,827 in Calamos Opportunistic Value on August 29, 2024 and sell it today you would earn a total of 69.00 from holding Calamos Opportunistic Value or generate 3.78% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Calamos Total Return vs. Calamos Opportunistic Value
Performance |
| Timeline |
| Calamos Total Return |
| Calamos Opportunistic |
Calamos Total and Calamos Opportunistic Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Total and Calamos Opportunistic
The main advantage of trading using opposite Calamos Total and Calamos Opportunistic positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Total position performs unexpectedly, Calamos Opportunistic 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 Calamos Opportunistic will offset losses from the drop in Calamos Opportunistic's long position.| Calamos Total vs. Goldman Sachs Mlp | Calamos Total vs. Clearbridge Energy Mlp | Calamos Total vs. Ivy Natural Resources | Calamos Total vs. Dreyfus Natural Resources |
| Calamos Opportunistic vs. Legg Mason Partners | Calamos Opportunistic vs. Vanguard Emerging Markets | Calamos Opportunistic vs. T Rowe Price | Calamos Opportunistic vs. Arrow Managed Futures |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
Other Complementary Tools
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum | |
| Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format | |
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets | |
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. |