Correlation Between SPDR Gold and Calamos ETF
Can any of the company-specific risk be diversified away by investing in both SPDR Gold and Calamos ETF 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 SPDR Gold and Calamos ETF into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between SPDR Gold Shares and Calamos ETF Trust, you can compare the effects of market volatilities on SPDR Gold and Calamos ETF 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 SPDR Gold with a short position of Calamos ETF. Check out your portfolio center. Please also check ongoing floating volatility patterns of SPDR Gold and Calamos ETF.
Diversification Opportunities for SPDR Gold and Calamos ETF
-0.33 | Correlation Coefficient |
Very good diversification
The 3 months correlation between SPDR and Calamos is -0.33. Overlapping area represents the amount of risk that can be diversified away by holding SPDR Gold Shares and Calamos ETF Trust in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calamos ETF Trust and SPDR Gold 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 SPDR Gold Shares are associated (or correlated) with Calamos ETF. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Calamos ETF Trust has no effect on the direction of SPDR Gold i.e., SPDR Gold and Calamos ETF go up and down completely randomly.
Pair Corralation between SPDR Gold and Calamos ETF
Considering the 90-day investment horizon SPDR Gold Shares is expected to generate 0.1 times more return on investment than Calamos ETF. However, SPDR Gold Shares is 10.47 times less risky than Calamos ETF. It trades about 0.18 of its potential returns per unit of risk. Calamos ETF Trust is currently generating about -0.29 per unit of risk. If you would invest 26,629 in SPDR Gold Shares on December 16, 2024 and sell it today you would earn a total of 895.00 from holding SPDR Gold Shares or generate 3.36% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
SPDR Gold Shares vs. Calamos ETF Trust
Performance |
| Timeline |
| SPDR Gold Shares |
| Calamos ETF Trust |
SPDR Gold and Calamos ETF Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SPDR Gold and Calamos ETF
The main advantage of trading using opposite SPDR Gold and Calamos ETF positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SPDR Gold position performs unexpectedly, Calamos ETF 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 ETF will offset losses from the drop in Calamos ETF's long position.| SPDR Gold vs. iShares Silver Trust | ||
| SPDR Gold vs. VanEck Gold Miners | ||
| SPDR Gold vs. SPDR SP 500 | ||
| SPDR Gold vs. United States Oil |
| Calamos ETF vs. iShares Convertible Bond | ||
| Calamos ETF vs. First Trust SSI | ||
| Calamos ETF vs. American Century Quality | ||
| Calamos ETF vs. Neuberger Berman 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 Bollinger Bands module to use Bollinger Bands indicator to analyze target price for a given investing horizon.
Other Complementary Tools
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges | |
| Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format | |
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
| Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios |