Correlation Between Calamos Global and Calamos Global
Can any of the company-specific risk be diversified away by investing in both Calamos Global and Calamos Global 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 Calamos Global 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 Calamos Global Equity, you can compare the effects of market volatilities on Calamos Global and Calamos Global 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 Calamos Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Global and Calamos Global.
Diversification Opportunities for Calamos Global and Calamos Global
0.99 | Correlation Coefficient |
No risk reduction
The 3 months correlation between Calamos and Calamos is 0.99. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Global Growth and Calamos Global Equity in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calamos Global Equity 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 Calamos Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Calamos Global Equity has no effect on the direction of Calamos Global i.e., Calamos Global and Calamos Global go up and down completely randomly.
Pair Corralation between Calamos Global and Calamos Global
Assuming the 90 days horizon Calamos Global Growth is expected to generate 0.65 times more return on investment than Calamos Global. However, Calamos Global Growth is 1.55 times less risky than Calamos Global. It trades about -0.11 of its potential returns per unit of risk. Calamos Global Equity is currently generating about -0.09 per unit of risk. If you would invest 1,191 in Calamos Global Growth on January 18, 2025 and sell it today you would lose (54.00) from holding Calamos Global Growth or give up 4.53% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Calamos Global Growth vs. Calamos Global Equity
Performance |
| Timeline |
| Calamos Global Growth |
| Calamos Global Equity |
Calamos Global and Calamos Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Global and Calamos Global
The main advantage of trading using opposite Calamos Global and Calamos Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Global position performs unexpectedly, Calamos Global 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 Global will offset losses from the drop in Calamos Global's long position.| Calamos Global vs. Calamos Growth Income | Calamos Global vs. Calamos Opportunistic Value | Calamos Global vs. Calamos International Growth | Calamos Global vs. Calamos Market Neutral |
| Calamos Global vs. Calamos International Growth | Calamos Global vs. Calamos Global Growth | Calamos Global vs. Calamos Evolving World | Calamos Global vs. Calamos Market Neutral |
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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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