Correlation Between Fidelity Real and Calamos Phineus
Can any of the company-specific risk be diversified away by investing in both Fidelity Real and Calamos Phineus 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 Fidelity Real and Calamos Phineus into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Fidelity Real Estate and Calamos Phineus Longshort, you can compare the effects of market volatilities on Fidelity Real and Calamos Phineus 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 Fidelity Real with a short position of Calamos Phineus. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fidelity Real and Calamos Phineus.
Diversification Opportunities for Fidelity Real and Calamos Phineus
-0.53 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Fidelity and Calamos is -0.53. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Real Estate and Calamos Phineus Longshort in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calamos Phineus Longshort and Fidelity Real 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 Fidelity Real Estate are associated (or correlated) with Calamos Phineus. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Calamos Phineus Longshort has no effect on the direction of Fidelity Real i.e., Fidelity Real and Calamos Phineus go up and down completely randomly.
Pair Corralation between Fidelity Real and Calamos Phineus
Assuming the 90 days horizon Fidelity Real Estate is expected to generate 0.78 times more return on investment than Calamos Phineus. However, Fidelity Real Estate is 1.28 times less risky than Calamos Phineus. It trades about 0.14 of its potential returns per unit of risk. Calamos Phineus Longshort is currently generating about -0.33 per unit of risk. If you would invest 1,214 in Fidelity Real Estate on September 13, 2024 and sell it today you would earn a total of 7.00 from holding Fidelity Real Estate or generate 0.58% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
Fidelity Real Estate vs. Calamos Phineus Longshort
Performance |
| Timeline |
| Fidelity Real Estate |
| Calamos Phineus Longshort |
Fidelity Real and Calamos Phineus Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Fidelity Real and Calamos Phineus
The main advantage of trading using opposite Fidelity Real and Calamos Phineus positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fidelity Real position performs unexpectedly, Calamos Phineus 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 Phineus will offset losses from the drop in Calamos Phineus' long position.| Fidelity Real vs. Aqr Managed Futures | Fidelity Real vs. Ab Bond Inflation | Fidelity Real vs. Simt Multi Asset Inflation | Fidelity Real vs. Arrow Managed Futures |
| Calamos Phineus vs. Calamos Phineus Longshort | Calamos Phineus vs. Calamos Market Neutral | Calamos Phineus vs. Aquagold International | Calamos Phineus vs. Morningstar Unconstrained Allocation |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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