Correlation Between Calamos Global and Thrivent Natural
Can any of the company-specific risk be diversified away by investing in both Calamos Global and Thrivent Natural 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 Thrivent Natural 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 Thrivent Natural Resources, you can compare the effects of market volatilities on Calamos Global and Thrivent Natural 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 Thrivent Natural. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Global and Thrivent Natural.
Diversification Opportunities for Calamos Global and Thrivent Natural
0.34 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Calamos and Thrivent is 0.34. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Global Vertible and Thrivent Natural Resources in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Thrivent Natural Res 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 Thrivent Natural. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Thrivent Natural Res has no effect on the direction of Calamos Global i.e., Calamos Global and Thrivent Natural go up and down completely randomly.
Pair Corralation between Calamos Global and Thrivent Natural
Assuming the 90 days horizon Calamos Global Vertible is expected to generate 1.67 times more return on investment than Thrivent Natural. However, Calamos Global is 1.67 times more volatile than Thrivent Natural Resources. It trades about 0.1 of its potential returns per unit of risk. Thrivent Natural Resources is currently generating about 0.1 per unit of risk. If you would invest 1,037 in Calamos Global Vertible on November 2, 2024 and sell it today you would earn a total of 232.00 from holding Calamos Global Vertible or generate 22.37% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Calamos Global Vertible vs. Thrivent Natural Resources
Performance |
| Timeline |
| Calamos Global Vertible |
| Thrivent Natural Res |
Calamos Global and Thrivent Natural Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Global and Thrivent Natural
The main advantage of trading using opposite Calamos Global and Thrivent Natural positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Global position performs unexpectedly, Thrivent Natural 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 Thrivent Natural will offset losses from the drop in Thrivent Natural's long position.| Calamos Global vs. Angel Oak Financial | Calamos Global vs. Morningstar Defensive Bond | Calamos Global vs. Rbc Bluebay Emerging | Calamos Global vs. Ab Bond Inflation |
| Thrivent Natural vs. Pnc Balanced Allocation | Thrivent Natural vs. Alliancebernstein Global Highome | Thrivent Natural vs. Tax Managed Large Cap | Thrivent Natural vs. Barings Global Floating |
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 Global Correlations module to find global opportunities by holding instruments from different markets.
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