Correlation Between Nationwide Global and Calamos Evolving
Can any of the company-specific risk be diversified away by investing in both Nationwide Global and Calamos Evolving 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 Nationwide Global and Calamos Evolving into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Nationwide Global Equity and Calamos Evolving World, you can compare the effects of market volatilities on Nationwide Global and Calamos Evolving 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 Nationwide Global with a short position of Calamos Evolving. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nationwide Global and Calamos Evolving.
Diversification Opportunities for Nationwide Global and Calamos Evolving
0.52 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between NATIONWIDE and Calamos is 0.52. Overlapping area represents the amount of risk that can be diversified away by holding Nationwide Global Equity and Calamos Evolving World in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calamos Evolving World and Nationwide Global 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 Nationwide Global Equity are associated (or correlated) with Calamos Evolving. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Calamos Evolving World has no effect on the direction of Nationwide Global i.e., Nationwide Global and Calamos Evolving go up and down completely randomly.
Pair Corralation between Nationwide Global and Calamos Evolving
Assuming the 90 days horizon Nationwide Global Equity is expected to generate 0.93 times more return on investment than Calamos Evolving. However, Nationwide Global Equity is 1.08 times less risky than Calamos Evolving. It trades about 0.27 of its potential returns per unit of risk. Calamos Evolving World is currently generating about -0.18 per unit of risk. If you would invest 2,385 in Nationwide Global Equity on September 3, 2024 and sell it today you would earn a total of 94.00 from holding Nationwide Global Equity or generate 3.94% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Nationwide Global Equity vs. Calamos Evolving World
Performance |
| Timeline |
| Nationwide Global Equity |
| Calamos Evolving World |
Nationwide Global and Calamos Evolving Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Nationwide Global and Calamos Evolving
The main advantage of trading using opposite Nationwide Global and Calamos Evolving positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nationwide Global position performs unexpectedly, Calamos Evolving 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 Evolving will offset losses from the drop in Calamos Evolving's long position.| Nationwide Global vs. Alliancebernstein Global High | Nationwide Global vs. Doubleline Global Bond | Nationwide Global vs. Ab Global Real | Nationwide Global vs. Ab Global Risk |
| Calamos Evolving vs. T Rowe Price | Calamos Evolving vs. Rbb Fund | Calamos Evolving vs. Nationwide Global Equity | Calamos Evolving vs. William Blair Large |
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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
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