Correlation Between Calamos Global and Franklin Adjustable
Can any of the company-specific risk be diversified away by investing in both Calamos Global and Franklin Adjustable 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 Global and Franklin Adjustable into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Calamos Global Growth and Franklin Adjustable Government, you can compare the effects of market volatilities on Calamos Global and Franklin Adjustable 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 Global with a short position of Franklin Adjustable. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Global and Franklin Adjustable.
Diversification Opportunities for Calamos Global and Franklin Adjustable
-0.63 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Calamos and Franklin is -0.63. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Global Growth and Franklin Adjustable Government in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Franklin Adjustable and Calamos Global 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 Global Growth are associated (or correlated) with Franklin Adjustable. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Franklin Adjustable has no effect on the direction of Calamos Global i.e., Calamos Global and Franklin Adjustable go up and down completely randomly.
Pair Corralation between Calamos Global and Franklin Adjustable
If you would invest 999.00 in Calamos Global Growth on November 3, 2024 and sell it today you would earn a total of 22.00 from holding Calamos Global Growth or generate 2.2% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Calamos Global Growth vs. Franklin Adjustable Government
Performance |
| Timeline |
| Calamos Global Growth |
| Franklin Adjustable |
Calamos Global and Franklin Adjustable Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Global and Franklin Adjustable
The main advantage of trading using opposite Calamos Global and Franklin Adjustable positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Global position performs unexpectedly, Franklin Adjustable 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 Franklin Adjustable will offset losses from the drop in Franklin Adjustable's long position.| Calamos Global vs. Guggenheim High Yield | Calamos Global vs. Fidelity Capital Income | Calamos Global vs. Strategic Advisers Income | Calamos Global vs. Lord Abbett Short |
| Franklin Adjustable vs. Vanguard Growth And | Franklin Adjustable vs. Tfa Alphagen Growth | Franklin Adjustable vs. Growth Portfolio Class | Franklin Adjustable vs. Pace Large Growth |
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 Watchlist Optimization module to optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm.
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