Correlation Between Nuveen Minnesota and Calamos Market
Can any of the company-specific risk be diversified away by investing in both Nuveen Minnesota 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 Nuveen Minnesota and Calamos Market into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Nuveen Minnesota Municipal and Calamos Market Neutral, you can compare the effects of market volatilities on Nuveen Minnesota 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 Nuveen Minnesota with a short position of Calamos Market. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nuveen Minnesota and Calamos Market.
Diversification Opportunities for Nuveen Minnesota and Calamos Market
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Nuveen and Calamos is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Nuveen Minnesota Municipal 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 Nuveen Minnesota 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 Nuveen Minnesota Municipal 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 Nuveen Minnesota i.e., Nuveen Minnesota and Calamos Market go up and down completely randomly.
Pair Corralation between Nuveen Minnesota and Calamos Market
Assuming the 90 days horizon Nuveen Minnesota Municipal is expected to generate 1.71 times more return on investment than Calamos Market. However, Nuveen Minnesota is 1.71 times more volatile than Calamos Market Neutral. It trades about 0.19 of its potential returns per unit of risk. Calamos Market Neutral is currently generating about 0.26 per unit of risk. If you would invest 979.00 in Nuveen Minnesota Municipal on September 1, 2024 and sell it today you would earn a total of 111.00 from holding Nuveen Minnesota Municipal or generate 11.34% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Nuveen Minnesota Municipal vs. Calamos Market Neutral
Performance |
| Timeline |
| Nuveen Minnesota Mun |
| Calamos Market Neutral |
Nuveen Minnesota and Calamos Market Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Nuveen Minnesota and Calamos Market
The main advantage of trading using opposite Nuveen Minnesota and Calamos Market positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nuveen Minnesota 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.| Nuveen Minnesota vs. Energy Basic Materials | Nuveen Minnesota vs. Clearbridge Energy Mlp | Nuveen Minnesota vs. Short Oil Gas | Nuveen Minnesota vs. Hennessy Bp Energy |
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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
Other Complementary Tools
| Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format | |
| Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio | |
| Portfolio Comparator Compare the composition, asset allocations and performance of any two portfolios in your account | |
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope | |
| Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency |