Correlation Between Calamos Opportunistic and Calamos Investment
Can any of the company-specific risk be diversified away by investing in both Calamos Opportunistic and Calamos Investment 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 Investment 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 Investment Trust, you can compare the effects of market volatilities on Calamos Opportunistic and Calamos Investment 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 Investment. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Opportunistic and Calamos Investment.
Diversification Opportunities for Calamos Opportunistic and Calamos Investment
0.58 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Calamos and Calamos is 0.58. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Opportunistic Value and Calamos Investment Trust in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calamos Investment Trust 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 Investment. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Calamos Investment Trust has no effect on the direction of Calamos Opportunistic i.e., Calamos Opportunistic and Calamos Investment go up and down completely randomly.
Pair Corralation between Calamos Opportunistic and Calamos Investment
Assuming the 90 days horizon Calamos Opportunistic Value is expected to generate 2.21 times more return on investment than Calamos Investment. However, Calamos Opportunistic is 2.21 times more volatile than Calamos Investment Trust. It trades about 0.1 of its potential returns per unit of risk. Calamos Investment Trust is currently generating about 0.02 per unit of risk. If you would invest 1,681 in Calamos Opportunistic Value on September 4, 2024 and sell it today you would earn a total of 769.00 from holding Calamos Opportunistic Value or generate 45.75% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 59.8% |
| Values | Daily Returns |
Calamos Opportunistic Value vs. Calamos Investment Trust
Performance |
| Timeline |
| Calamos Opportunistic |
| Calamos Investment Trust |
Calamos Opportunistic and Calamos Investment Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Opportunistic and Calamos Investment
The main advantage of trading using opposite Calamos Opportunistic and Calamos Investment positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Opportunistic position performs unexpectedly, Calamos Investment 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 Investment will offset losses from the drop in Calamos Investment's long position.| Calamos Opportunistic vs. The Emerging Markets | Calamos Opportunistic vs. Morgan Stanley Emerging | Calamos Opportunistic vs. Ep Emerging Markets | Calamos Opportunistic vs. Fundvantage Trust |
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 Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.
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