Correlation Between Goldman Sachs and Calamos Alternative
Can any of the company-specific risk be diversified away by investing in both Goldman Sachs and Calamos Alternative 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 Goldman Sachs and Calamos Alternative into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Goldman Sachs Future and Calamos Alternative Nasdaq, you can compare the effects of market volatilities on Goldman Sachs and Calamos Alternative 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 Goldman Sachs with a short position of Calamos Alternative. Check out your portfolio center. Please also check ongoing floating volatility patterns of Goldman Sachs and Calamos Alternative.
Diversification Opportunities for Goldman Sachs and Calamos Alternative
-0.64 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Goldman and Calamos is -0.64. Overlapping area represents the amount of risk that can be diversified away by holding Goldman Sachs Future and Calamos Alternative Nasdaq in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calamos Alternative and Goldman Sachs 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 Goldman Sachs Future are associated (or correlated) with Calamos Alternative. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Calamos Alternative has no effect on the direction of Goldman Sachs i.e., Goldman Sachs and Calamos Alternative go up and down completely randomly.
Pair Corralation between Goldman Sachs and Calamos Alternative
Given the investment horizon of 90 days Goldman Sachs Future is expected to under-perform the Calamos Alternative. But the etf apears to be less risky and, when comparing its historical volatility, Goldman Sachs Future is 1.19 times less risky than Calamos Alternative. The etf trades about -0.12 of its potential returns per unit of risk. The Calamos Alternative Nasdaq is currently generating about 0.24 of returns per unit of risk over similar time horizon. If you would invest 2,763 in Calamos Alternative Nasdaq on September 12, 2024 and sell it today you would earn a total of 109.00 from holding Calamos Alternative Nasdaq or generate 3.94% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Goldman Sachs Future vs. Calamos Alternative Nasdaq
Performance |
| Timeline |
| Goldman Sachs Future |
| Calamos Alternative |
Goldman Sachs and Calamos Alternative Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Goldman Sachs and Calamos Alternative
The main advantage of trading using opposite Goldman Sachs and Calamos Alternative positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Goldman Sachs position performs unexpectedly, Calamos Alternative 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 Alternative will offset losses from the drop in Calamos Alternative's long position.| Goldman Sachs vs. Goldman Sachs ETF | Goldman Sachs vs. Goldman Sachs Future | Goldman Sachs vs. Goldman Sachs Future | Goldman Sachs vs. Goldman Sachs Future |
| Calamos Alternative vs. iShares Core Growth | Calamos Alternative vs. Alpha Architect Gdsdn | Calamos Alternative vs. STF Tactical Growth | Calamos Alternative vs. VanEck Inflation Allocation |
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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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