Correlation Between Doubleline Shiller and Calamos Global
Can any of the company-specific risk be diversified away by investing in both Doubleline Shiller and Calamos Global 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 Doubleline Shiller and Calamos Global into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Doubleline Shiller Enhanced and Calamos Global Equity, you can compare the effects of market volatilities on Doubleline Shiller and Calamos Global 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 Doubleline Shiller with a short position of Calamos Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of Doubleline Shiller and Calamos Global.
Diversification Opportunities for Doubleline Shiller and Calamos Global
-0.37 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Doubleline and Calamos is -0.37. Overlapping area represents the amount of risk that can be diversified away by holding Doubleline Shiller Enhanced and Calamos Global Equity in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calamos Global Equity and Doubleline Shiller 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 Doubleline Shiller Enhanced are associated (or correlated) with Calamos Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Calamos Global Equity has no effect on the direction of Doubleline Shiller i.e., Doubleline Shiller and Calamos Global go up and down completely randomly.
Pair Corralation between Doubleline Shiller and Calamos Global
Assuming the 90 days horizon Doubleline Shiller Enhanced is expected to under-perform the Calamos Global. In addition to that, Doubleline Shiller is 1.44 times more volatile than Calamos Global Equity. It trades about -0.17 of its total potential returns per unit of risk. Calamos Global Equity is currently generating about 0.37 per unit of volatility. If you would invest 1,859 in Calamos Global Equity on September 1, 2024 and sell it today you would earn a total of 107.00 from holding Calamos Global Equity or generate 5.76% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
Doubleline Shiller Enhanced vs. Calamos Global Equity
Performance |
| Timeline |
| Doubleline Shiller |
| Calamos Global Equity |
Doubleline Shiller and Calamos Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Doubleline Shiller and Calamos Global
The main advantage of trading using opposite Doubleline Shiller and Calamos Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Doubleline Shiller position performs unexpectedly, Calamos Global 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 Calamos Global will offset losses from the drop in Calamos Global's long position.| Doubleline Shiller vs. Western Asset Diversified | Doubleline Shiller vs. American Funds Conservative | Doubleline Shiller vs. Prudential Core Conservative | Doubleline Shiller vs. Adams Diversified Equity |
| Calamos Global vs. Rbc Emerging Markets | Calamos Global vs. Western Asset Diversified | Calamos Global vs. Aqr Long Short Equity | Calamos Global vs. Transamerica Emerging Markets |
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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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