Correlation Between Calamos Total and Calamos Antetokounmpo
Can any of the company-specific risk be diversified away by investing in both Calamos Total and Calamos Antetokounmpo 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 Antetokounmpo 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 Antetokounmpo Sustainable, you can compare the effects of market volatilities on Calamos Total and Calamos Antetokounmpo 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 Antetokounmpo. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Total and Calamos Antetokounmpo.
Diversification Opportunities for Calamos Total and Calamos Antetokounmpo
-0.25 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Calamos and Calamos is -0.25. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Total Return and Calamos Antetokounmpo Sustaina in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calamos Antetokounmpo 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 Antetokounmpo. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Calamos Antetokounmpo has no effect on the direction of Calamos Total i.e., Calamos Total and Calamos Antetokounmpo go up and down completely randomly.
Pair Corralation between Calamos Total and Calamos Antetokounmpo
Assuming the 90 days horizon Calamos Total is expected to generate 10.73 times less return on investment than Calamos Antetokounmpo. But when comparing it to its historical volatility, Calamos Total Return is 1.34 times less risky than Calamos Antetokounmpo. It trades about 0.04 of its potential returns per unit of risk. Calamos Antetokounmpo Sustainable is currently generating about 0.31 of returns per unit of risk over similar time horizon. If you would invest 1,272 in Calamos Antetokounmpo Sustainable on September 19, 2024 and sell it today you would earn a total of 32.00 from holding Calamos Antetokounmpo Sustainable or generate 2.52% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Calamos Total Return vs. Calamos Antetokounmpo Sustaina
Performance |
| Timeline |
| Calamos Total Return |
| Calamos Antetokounmpo |
Calamos Total and Calamos Antetokounmpo Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Total and Calamos Antetokounmpo
The main advantage of trading using opposite Calamos Total and Calamos Antetokounmpo positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Total position performs unexpectedly, Calamos Antetokounmpo 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 Antetokounmpo will offset losses from the drop in Calamos Antetokounmpo's long position.| Calamos Total vs. Calamos Antetokounmpo Sustainable | Calamos Total vs. Innealta Capital Sector | Calamos Total vs. Calamos Antetokounmpo Sustainable | Calamos Total vs. Calamos Antetokounmpo Sustainable |
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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
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