Correlation Between The Gabelli and Calamos Global
Can any of the company-specific risk be diversified away by investing in both The Gabelli and Calamos Global 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 The Gabelli and Calamos Global into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between The Gabelli Utilities and Calamos Global Equity, you can compare the effects of market volatilities on The Gabelli and Calamos Global 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 The Gabelli with a short position of Calamos Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of The Gabelli and Calamos Global.
Diversification Opportunities for The Gabelli and Calamos Global
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between The and Calamos is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding The Gabelli Utilities and Calamos Global Equity in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calamos Global Equity and The Gabelli 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 The Gabelli Utilities are associated (or correlated) with Calamos Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Calamos Global Equity has no effect on the direction of The Gabelli i.e., The Gabelli and Calamos Global go up and down completely randomly.
Pair Corralation between The Gabelli and Calamos Global
Assuming the 90 days horizon The Gabelli Utilities is expected to under-perform the Calamos Global. But the mutual fund apears to be less risky and, when comparing its historical volatility, The Gabelli Utilities is 1.38 times less risky than Calamos Global. The mutual fund trades about -0.03 of its potential returns per unit of risk. The Calamos Global Equity is currently generating about 0.08 of returns per unit of risk over similar time horizon. If you would invest 1,185 in Calamos Global Equity on December 1, 2024 and sell it today you would earn a total of 565.00 from holding Calamos Global Equity or generate 47.68% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
The Gabelli Utilities vs. Calamos Global Equity
Performance |
| Timeline |
| Gabelli Utilities |
| Calamos Global Equity |
The Gabelli and Calamos Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with The Gabelli and Calamos Global
The main advantage of trading using opposite The Gabelli and Calamos Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if The Gabelli position performs unexpectedly, Calamos Global 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 Global will offset losses from the drop in Calamos Global's long position.| The Gabelli vs. Dominion Energy | The Gabelli vs. Consolidated Edison | The Gabelli vs. Eversource Energy | The Gabelli vs. FirstEnergy |
| Calamos Global vs. Aig Government Money | Calamos Global vs. Prudential California Muni | Calamos Global vs. Old Westbury Municipal | Calamos Global vs. Bbh Intermediate Municipal |
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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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