Correlation Between Calamos Market and Fidelity Sai
Can any of the company-specific risk be diversified away by investing in both Calamos Market and Fidelity Sai 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 Fidelity Sai 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 Fidelity Sai Convertible, you can compare the effects of market volatilities on Calamos Market and Fidelity Sai 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 Fidelity Sai. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Market and Fidelity Sai.
Diversification Opportunities for Calamos Market and Fidelity Sai
0.94 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Calamos and Fidelity is 0.94. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Market Neutral and Fidelity Sai Convertible in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fidelity Sai Convertible 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 Fidelity Sai. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fidelity Sai Convertible has no effect on the direction of Calamos Market i.e., Calamos Market and Fidelity Sai go up and down completely randomly.
Pair Corralation between Calamos Market and Fidelity Sai
Assuming the 90 days horizon Calamos Market is expected to generate 1.33 times less return on investment than Fidelity Sai. In addition to that, Calamos Market is 1.07 times more volatile than Fidelity Sai Convertible. It trades about 0.32 of its total potential returns per unit of risk. Fidelity Sai Convertible is currently generating about 0.46 per unit of volatility. If you would invest 1,066 in Fidelity Sai Convertible on September 3, 2024 and sell it today you would earn a total of 30.00 from holding Fidelity Sai Convertible or generate 2.81% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Calamos Market Neutral vs. Fidelity Sai Convertible
Performance |
| Timeline |
| Calamos Market Neutral |
| Fidelity Sai Convertible |
Calamos Market and Fidelity Sai Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Market and Fidelity Sai
The main advantage of trading using opposite Calamos Market and Fidelity Sai positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Market position performs unexpectedly, Fidelity Sai 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 Fidelity Sai will offset losses from the drop in Fidelity Sai's long position.| Calamos Market vs. Arrow Managed Futures | Calamos Market vs. Nasdaq 100 2x Strategy | Calamos Market vs. The Emerging Markets | Calamos Market vs. T Rowe Price |
| Fidelity Sai vs. Calamos Market Neutral | Fidelity Sai vs. Calamos Market Neutral | Fidelity Sai vs. Calamos Market Neutral | Fidelity Sai 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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
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