Correlation Between Fidelity Advisor and Calamos International
Can any of the company-specific risk be diversified away by investing in both Fidelity Advisor 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 Fidelity Advisor and Calamos International into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Fidelity Advisor Mid and Calamos International Growth, you can compare the effects of market volatilities on Fidelity Advisor 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 Fidelity Advisor with a short position of Calamos International. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fidelity Advisor and Calamos International.
Diversification Opportunities for Fidelity Advisor and Calamos International
-0.09 | Correlation Coefficient |
Good diversification
The 3 months correlation between Fidelity and Calamos is -0.09. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Advisor Mid and Calamos International Growth in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calamos International and Fidelity Advisor 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 Advisor Mid 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 Fidelity Advisor i.e., Fidelity Advisor and Calamos International go up and down completely randomly.
Pair Corralation between Fidelity Advisor and Calamos International
Assuming the 90 days horizon Fidelity Advisor Mid is expected to generate 1.52 times more return on investment than Calamos International. However, Fidelity Advisor is 1.52 times more volatile than Calamos International Growth. It trades about 0.37 of its potential returns per unit of risk. Calamos International Growth is currently generating about 0.11 per unit of risk. If you would invest 2,524 in Fidelity Advisor Mid on September 4, 2024 and sell it today you would earn a total of 223.00 from holding Fidelity Advisor Mid or generate 8.84% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Fidelity Advisor Mid vs. Calamos International Growth
Performance |
| Timeline |
| Fidelity Advisor Mid |
| Calamos International |
Fidelity Advisor and Calamos International Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Fidelity Advisor and Calamos International
The main advantage of trading using opposite Fidelity Advisor and Calamos International positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fidelity Advisor 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.| Fidelity Advisor vs. Fidelity Advisor New | Fidelity Advisor vs. Fidelity Small Cap | Fidelity Advisor vs. Fidelity Advisor Equity | Fidelity Advisor vs. Fidelity Advisor Diversified |
| Calamos International vs. Calamos Global Growth | Calamos International vs. Calamos Growth Income | Calamos International vs. Calamos Opportunistic Value | Calamos International vs. Calamos High Income |
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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
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