Correlation Between Empire State and Calamos ETF
Can any of the company-specific risk be diversified away by investing in both Empire State 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 Empire State and Calamos ETF into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Empire State Realty and Calamos ETF Trust, you can compare the effects of market volatilities on Empire State 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 Empire State with a short position of Calamos ETF. Check out your portfolio center. Please also check ongoing floating volatility patterns of Empire State and Calamos ETF.
Diversification Opportunities for Empire State and Calamos ETF
-0.28 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Empire and Calamos is -0.28. Overlapping area represents the amount of risk that can be diversified away by holding Empire State Realty 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 Empire State 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 Empire State Realty 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 Empire State i.e., Empire State and Calamos ETF go up and down completely randomly.
Pair Corralation between Empire State and Calamos ETF
Given the investment horizon of 90 days Empire State Realty is expected to generate 10.52 times more return on investment than Calamos ETF. However, Empire State is 10.52 times more volatile than Calamos ETF Trust. It trades about 0.06 of its potential returns per unit of risk. Calamos ETF Trust is currently generating about 0.18 per unit of risk. If you would invest 657.00 in Empire State Realty on August 30, 2024 and sell it today you would earn a total of 451.00 from holding Empire State Realty or generate 68.65% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 8.48% |
| Values | Daily Returns |
Empire State Realty vs. Calamos ETF Trust
Performance |
| Timeline |
| Empire State Realty |
| Calamos ETF Trust |
Empire State and Calamos ETF Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Empire State and Calamos ETF
The main advantage of trading using opposite Empire State and Calamos ETF positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Empire State 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.| Empire State vs. Paramount Group | Empire State vs. Hudson Pacific Properties | Empire State vs. Equity Commonwealth | Empire State vs. Douglas Emmett |
| 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 Stocks Directory module to find actively traded stocks across global markets.
Other Complementary Tools
| Commodity Directory Find actively traded commodities issued by global exchanges | |
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
| Balance Of Power Check stock momentum by analyzing Balance Of Power indicator and other technical ratios | |
| Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format | |
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance |