Correlation Between Calamos Global and Upright Growth
Can any of the company-specific risk be diversified away by investing in both Calamos Global and Upright Growth 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 Upright Growth 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 Upright Growth Income, you can compare the effects of market volatilities on Calamos Global and Upright Growth 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 Upright Growth. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Global and Upright Growth.
Diversification Opportunities for Calamos Global and Upright Growth
0.66 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Calamos and Upright is 0.66. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Global Vertible and Upright Growth Income in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Upright Growth Income 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 Upright Growth. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Upright Growth Income has no effect on the direction of Calamos Global i.e., Calamos Global and Upright Growth go up and down completely randomly.
Pair Corralation between Calamos Global and Upright Growth
Assuming the 90 days horizon Calamos Global is expected to generate 4.47 times less return on investment than Upright Growth. But when comparing it to its historical volatility, Calamos Global Vertible is 4.34 times less risky than Upright Growth. It trades about 0.09 of its potential returns per unit of risk. Upright Growth Income is currently generating about 0.09 of returns per unit of risk over similar time horizon. If you would invest 1,950 in Upright Growth Income on October 21, 2024 and sell it today you would earn a total of 59.00 from holding Upright Growth Income or generate 3.03% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Calamos Global Vertible vs. Upright Growth Income
Performance |
| Timeline |
| Calamos Global Vertible |
| Upright Growth Income |
Calamos Global and Upright Growth Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Global and Upright Growth
The main advantage of trading using opposite Calamos Global and Upright Growth positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Global position performs unexpectedly, Upright Growth 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 Upright Growth will offset losses from the drop in Upright Growth'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 |
| Upright Growth vs. Ab E Opportunities | Upright Growth vs. Rational Dividend Capture | Upright Growth vs. Rbb Fund | Upright Growth vs. Rbc Microcap Value |
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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
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