Correlation Between Fidelity Sai and Calamos Market
Can any of the company-specific risk be diversified away by investing in both Fidelity Sai and Calamos Market 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 Sai and Calamos Market into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Fidelity Sai Convertible and Calamos Market Neutral, you can compare the effects of market volatilities on Fidelity Sai and Calamos Market 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 Sai with a short position of Calamos Market. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fidelity Sai and Calamos Market.
Diversification Opportunities for Fidelity Sai and Calamos Market
0.94 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Fidelity and Calamos is 0.94. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Sai Convertible and Calamos Market Neutral in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calamos Market Neutral and Fidelity Sai 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 Sai Convertible are associated (or correlated) with Calamos Market. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Calamos Market Neutral has no effect on the direction of Fidelity Sai i.e., Fidelity Sai and Calamos Market go up and down completely randomly.
Pair Corralation between Fidelity Sai and Calamos Market
Assuming the 90 days horizon Fidelity Sai Convertible is expected to generate 0.85 times more return on investment than Calamos Market. However, Fidelity Sai Convertible is 1.18 times less risky than Calamos Market. It trades about 0.6 of its potential returns per unit of risk. Calamos Market Neutral is currently generating about 0.27 per unit of risk. If you would invest 1,083 in Fidelity Sai Convertible on August 31, 2024 and sell it today you would earn a total of 12.00 from holding Fidelity Sai Convertible or generate 1.11% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Fidelity Sai Convertible vs. Calamos Market Neutral
Performance |
| Timeline |
| Fidelity Sai Convertible |
| Calamos Market Neutral |
Fidelity Sai and Calamos Market Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Fidelity Sai and Calamos Market
The main advantage of trading using opposite Fidelity Sai and Calamos Market positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fidelity Sai position performs unexpectedly, Calamos Market 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 Market will offset losses from the drop in Calamos Market's long position.| Fidelity Sai vs. Calamos Market Neutral | Fidelity Sai vs. Calamos Market Neutral | Fidelity Sai vs. Aqr Diversified Arbitrage | Fidelity Sai vs. Aqr Diversified Arbitrage |
| Calamos Market vs. The Arbitrage Fund | Calamos Market vs. The Merger Fund | Calamos Market vs. Gateway Fund Class | Calamos Market vs. Diamond Hill Long Short |
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 Commodity Directory module to find actively traded commodities issued by global exchanges.
Other Complementary Tools
| Stocks Directory Find actively traded stocks across global markets | |
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities | |
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
| Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes |