Correlation Between Calamos Market and Calamos Evolving
Can any of the company-specific risk be diversified away by investing in both Calamos Market and Calamos Evolving 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 Market and Calamos Evolving into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Calamos Market Neutral and Calamos Evolving World, you can compare the effects of market volatilities on Calamos Market and Calamos Evolving 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 Market with a short position of Calamos Evolving. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Market and Calamos Evolving.
Diversification Opportunities for Calamos Market and Calamos Evolving
-0.53 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Calamos and Calamos is -0.53. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Market Neutral and Calamos Evolving World in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calamos Evolving World and Calamos Market 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 Market Neutral are associated (or correlated) with Calamos Evolving. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Calamos Evolving World has no effect on the direction of Calamos Market i.e., Calamos Market and Calamos Evolving go up and down completely randomly.
Pair Corralation between Calamos Market and Calamos Evolving
Assuming the 90 days horizon Calamos Market Neutral is expected to generate 0.09 times more return on investment than Calamos Evolving. However, Calamos Market Neutral is 11.47 times less risky than Calamos Evolving. It trades about 0.31 of its potential returns per unit of risk. Calamos Evolving World is currently generating about -0.12 per unit of risk. If you would invest 1,521 in Calamos Market Neutral on October 23, 2024 and sell it today you would earn a total of 7.00 from holding Calamos Market Neutral or generate 0.46% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Calamos Market Neutral vs. Calamos Evolving World
Performance |
| Timeline |
| Calamos Market Neutral |
| Calamos Evolving World |
Calamos Market and Calamos Evolving Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Market and Calamos Evolving
The main advantage of trading using opposite Calamos Market and Calamos Evolving positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Market position performs unexpectedly, Calamos Evolving 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 Evolving will offset losses from the drop in Calamos Evolving's long position.| Calamos Market vs. Msift High Yield | Calamos Market vs. Ab High Income | Calamos Market vs. Lord Abbett Short | Calamos Market vs. Catalystsmh High Income |
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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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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