Correlation Between Calamos Market and Blackrock Alternative
Can any of the company-specific risk be diversified away by investing in both Calamos Market and Blackrock Alternative 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 Blackrock Alternative 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 Blackrock Alternative Capital, you can compare the effects of market volatilities on Calamos Market and Blackrock Alternative 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 Blackrock Alternative. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Market and Blackrock Alternative.
Diversification Opportunities for Calamos Market and Blackrock Alternative
-0.18 | Correlation Coefficient |
Good diversification
The 3 months correlation between Calamos and Blackrock is -0.18. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Market Neutral and Blackrock Alternative Capital in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Blackrock Alternative 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 Blackrock Alternative. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Blackrock Alternative has no effect on the direction of Calamos Market i.e., Calamos Market and Blackrock Alternative go up and down completely randomly.
Pair Corralation between Calamos Market and Blackrock Alternative
Assuming the 90 days horizon Calamos Market Neutral is expected to generate 0.49 times more return on investment than Blackrock Alternative. However, Calamos Market Neutral is 2.06 times less risky than Blackrock Alternative. It trades about 0.27 of its potential returns per unit of risk. Blackrock Alternative Capital is currently generating about 0.02 per unit of risk. If you would invest 1,495 in Calamos Market Neutral on August 28, 2024 and sell it today you would earn a total of 27.00 from holding Calamos Market Neutral or generate 1.81% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 98.44% |
| Values | Daily Returns |
Calamos Market Neutral vs. Blackrock Alternative Capital
Performance |
| Timeline |
| Calamos Market Neutral |
| Blackrock Alternative |
Calamos Market and Blackrock Alternative Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Market and Blackrock Alternative
The main advantage of trading using opposite Calamos Market and Blackrock Alternative positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Market position performs unexpectedly, Blackrock Alternative 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 Blackrock Alternative will offset losses from the drop in Blackrock Alternative's long position.| Calamos Market vs. The Arbitrage Fund | Calamos Market vs. The Merger Fund | Calamos Market vs. Gateway Fund Class | Calamos Market vs. Diamond Hill Long Short |
| Blackrock Alternative vs. Blckrk Lc Cr | Blackrock Alternative vs. Calamos Market Neutral | Blackrock Alternative vs. Pimco Trends Managed | Blackrock Alternative vs. Blackrock Global Long |
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 Portfolio Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
Other Complementary Tools
| ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments | |
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories | |
| Volatility Analysis Get historical volatility and risk analysis based on latest market data | |
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets | |
| Share Portfolio Track or share privately all of your investments from the convenience of any device |