Correlation Between Calamos Global and Legg Mason
Can any of the company-specific risk be diversified away by investing in both Calamos Global and Legg Mason 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 Legg Mason into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Calamos Global Vertible and Legg Mason Partners, you can compare the effects of market volatilities on Calamos Global and Legg Mason 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 Legg Mason. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Global and Legg Mason.
Diversification Opportunities for Calamos Global and Legg Mason
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Calamos and Legg is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Global Vertible and Legg Mason Partners in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Legg Mason Partners 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 Vertible are associated (or correlated) with Legg Mason. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Legg Mason Partners has no effect on the direction of Calamos Global i.e., Calamos Global and Legg Mason go up and down completely randomly.
Pair Corralation between Calamos Global and Legg Mason
If you would invest 1,229 in Calamos Global Vertible on September 13, 2024 and sell it today you would earn a total of 24.00 from holding Calamos Global Vertible or generate 1.95% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Calamos Global Vertible vs. Legg Mason Partners
Performance |
| Timeline |
| Calamos Global Vertible |
| Legg Mason Partners |
Calamos Global and Legg Mason Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Global and Legg Mason
The main advantage of trading using opposite Calamos Global and Legg Mason positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Global position performs unexpectedly, Legg Mason 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 Legg Mason will offset losses from the drop in Legg Mason's long position.| Calamos Global vs. Calamos Antetokounmpo Sustainable | Calamos Global vs. Innealta Capital Sector | Calamos Global vs. Calamos Antetokounmpo Sustainable | Calamos Global vs. Calamos Antetokounmpo Sustainable |
| Legg Mason vs. General Money Market | Legg Mason vs. Cref Money Market | Legg Mason vs. Franklin Government Money | Legg Mason vs. The Gabelli Money |
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 Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
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