Correlation Between Fidelity Series and Calamos Strategic
Can any of the company-specific risk be diversified away by investing in both Fidelity Series and Calamos Strategic 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 Series and Calamos Strategic into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Fidelity Series Real and Calamos Strategic Total, you can compare the effects of market volatilities on Fidelity Series and Calamos Strategic 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 Series with a short position of Calamos Strategic. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fidelity Series and Calamos Strategic.
Diversification Opportunities for Fidelity Series and Calamos Strategic
0.36 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Fidelity and Calamos is 0.36. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Series Real and Calamos Strategic Total in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calamos Strategic Total and Fidelity Series 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 Series Real are associated (or correlated) with Calamos Strategic. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Calamos Strategic Total has no effect on the direction of Fidelity Series i.e., Fidelity Series and Calamos Strategic go up and down completely randomly.
Pair Corralation between Fidelity Series and Calamos Strategic
Assuming the 90 days horizon Fidelity Series is expected to generate 7.15 times less return on investment than Calamos Strategic. But when comparing it to its historical volatility, Fidelity Series Real is 3.63 times less risky than Calamos Strategic. It trades about 0.07 of its potential returns per unit of risk. Calamos Strategic Total is currently generating about 0.15 of returns per unit of risk over similar time horizon. If you would invest 1,755 in Calamos Strategic Total on August 30, 2024 and sell it today you would earn a total of 50.00 from holding Calamos Strategic Total or generate 2.85% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Fidelity Series Real vs. Calamos Strategic Total
Performance |
| Timeline |
| Fidelity Series Real |
| Calamos Strategic Total |
Fidelity Series and Calamos Strategic Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Fidelity Series and Calamos Strategic
The main advantage of trading using opposite Fidelity Series and Calamos Strategic positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fidelity Series position performs unexpectedly, Calamos Strategic 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 Strategic will offset losses from the drop in Calamos Strategic's long position.| Fidelity Series vs. Baird Smallmid Cap | Fidelity Series vs. Champlain Small | Fidelity Series vs. Ab Small Cap | Fidelity Series vs. Qs Small Capitalization |
| Calamos Strategic vs. Cohen And Steers | Calamos Strategic vs. Cohen Steers Total | Calamos Strategic vs. Reaves Utility If | Calamos Strategic vs. BlackRock Science Tech |
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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
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