Correlation Between Calamos Opportunistic and Calamos International
Can any of the company-specific risk be diversified away by investing in both Calamos Opportunistic and Calamos 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 Opportunistic and Calamos International into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Calamos Opportunistic Value and Calamos International Small, you can compare the effects of market volatilities on Calamos Opportunistic and Calamos 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 Opportunistic with a short position of Calamos International. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Opportunistic and Calamos International.
Diversification Opportunities for Calamos Opportunistic and Calamos International
-0.38 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Calamos and Calamos is -0.38. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Opportunistic Value and Calamos International Small in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calamos International and Calamos Opportunistic 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 Opportunistic Value are associated (or correlated) with Calamos International. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Calamos International has no effect on the direction of Calamos Opportunistic i.e., Calamos Opportunistic and Calamos International go up and down completely randomly.
Pair Corralation between Calamos Opportunistic and Calamos International
Assuming the 90 days horizon Calamos Opportunistic Value is expected to generate 0.92 times more return on investment than Calamos International. However, Calamos Opportunistic Value is 1.09 times less risky than Calamos International. It trades about 0.1 of its potential returns per unit of risk. Calamos International Small is currently generating about -0.01 per unit of risk. If you would invest 1,708 in Calamos Opportunistic Value on September 3, 2024 and sell it today you would earn a total of 191.00 from holding Calamos Opportunistic Value or generate 11.18% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Calamos Opportunistic Value vs. Calamos International Small
Performance |
| Timeline |
| Calamos Opportunistic |
| Calamos International |
Calamos Opportunistic and Calamos International Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Opportunistic and Calamos International
The main advantage of trading using opposite Calamos Opportunistic and Calamos International positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Opportunistic position performs unexpectedly, Calamos 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 Calamos International will offset losses from the drop in Calamos International's long position.| Calamos Opportunistic vs. Gold And Precious | Calamos Opportunistic vs. First Eagle Gold | Calamos Opportunistic vs. Great West Goldman Sachs | Calamos Opportunistic vs. Short Precious Metals |
| Calamos International vs. Oppenheimer Intl Small | Calamos International vs. Oppenheimer Intl Small | Calamos International vs. HUMANA INC | Calamos International vs. Aquagold International |
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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
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