Correlation Between Eaton Vance and Calamos ETF
Can any of the company-specific risk be diversified away by investing in both Eaton Vance and Calamos ETF 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 Eaton Vance and Calamos ETF into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Eaton Vance National and Calamos ETF Trust, you can compare the effects of market volatilities on Eaton Vance and Calamos ETF 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 Eaton Vance with a short position of Calamos ETF. Check out your portfolio center. Please also check ongoing floating volatility patterns of Eaton Vance and Calamos ETF.
Diversification Opportunities for Eaton Vance and Calamos ETF
-0.17 | Correlation Coefficient |
Good diversification
The 3 months correlation between Eaton and Calamos is -0.17. Overlapping area represents the amount of risk that can be diversified away by holding Eaton Vance National and Calamos ETF Trust in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calamos ETF Trust and Eaton Vance 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 Eaton Vance National are associated (or correlated) with Calamos ETF. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Calamos ETF Trust has no effect on the direction of Eaton Vance i.e., Eaton Vance and Calamos ETF go up and down completely randomly.
Pair Corralation between Eaton Vance and Calamos ETF
Considering the 90-day investment horizon Eaton Vance National is expected to under-perform the Calamos ETF. In addition to that, Eaton Vance is 3.42 times more volatile than Calamos ETF Trust. It trades about -0.06 of its total potential returns per unit of risk. Calamos ETF Trust is currently generating about 0.14 per unit of volatility. If you would invest 2,533 in Calamos ETF Trust on August 30, 2024 and sell it today you would earn a total of 12.00 from holding Calamos ETF Trust or generate 0.47% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Eaton Vance National vs. Calamos ETF Trust
Performance |
| Timeline |
| Eaton Vance National |
| Calamos ETF Trust |
Eaton Vance and Calamos ETF Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Eaton Vance and Calamos ETF
The main advantage of trading using opposite Eaton Vance and Calamos ETF positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Eaton Vance position performs unexpectedly, Calamos ETF 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 ETF will offset losses from the drop in Calamos ETF's long position.| Eaton Vance vs. Invesco High Income | Eaton Vance vs. Blackrock Muniholdings Ny | Eaton Vance vs. Nuveen California Select | Eaton Vance vs. MFS Investment Grade |
| Calamos ETF vs. Vanguard Total Stock | Calamos ETF vs. SPDR SP 500 | Calamos ETF vs. iShares Core SP | Calamos ETF vs. Vanguard Total Bond |
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 Optimization module to compute new portfolio that will generate highest expected return given your specified tolerance for risk.
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