Correlation Between Goldman Sachs and Calamos International
Can any of the company-specific risk be diversified away by investing in both Goldman Sachs and Calamos International 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 Goldman Sachs and Calamos International into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Goldman Sachs Financial and Calamos International Growth, you can compare the effects of market volatilities on Goldman Sachs and Calamos International 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 Goldman Sachs with a short position of Calamos International. Check out your portfolio center. Please also check ongoing floating volatility patterns of Goldman Sachs and Calamos International.
Diversification Opportunities for Goldman Sachs and Calamos International
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Goldman and Calamos is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Goldman Sachs Financial and Calamos International Growth in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calamos International and Goldman Sachs 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 Goldman Sachs Financial are associated (or correlated) with Calamos International. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Calamos International has no effect on the direction of Goldman Sachs i.e., Goldman Sachs and Calamos International go up and down completely randomly.
Pair Corralation between Goldman Sachs and Calamos International
Assuming the 90 days horizon Goldman Sachs is expected to generate 4.47 times less return on investment than Calamos International. But when comparing it to its historical volatility, Goldman Sachs Financial is 5.03 times less risky than Calamos International. It trades about 0.08 of its potential returns per unit of risk. Calamos International Growth is currently generating about 0.07 of returns per unit of risk over similar time horizon. If you would invest 1,540 in Calamos International Growth on September 14, 2024 and sell it today you would earn a total of 287.00 from holding Calamos International Growth or generate 18.64% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 99.6% |
| Values | Daily Returns |
Goldman Sachs Financial vs. Calamos International Growth
Performance |
| Timeline |
| Goldman Sachs Financial |
| Calamos International |
Goldman Sachs and Calamos International Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Goldman Sachs and Calamos International
The main advantage of trading using opposite Goldman Sachs and Calamos International positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Goldman Sachs position performs unexpectedly, Calamos International 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 International will offset losses from the drop in Calamos International's long position.| Goldman Sachs vs. Vanguard Total Stock | Goldman Sachs vs. Vanguard 500 Index | Goldman Sachs vs. Vanguard Total Stock | Goldman Sachs vs. Vanguard Total Stock |
| Calamos International vs. Lord Abbett Small | Calamos International vs. Victory Rs Partners | Calamos International vs. Palm Valley Capital | Calamos International vs. Valic Company I |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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