Correlation Between Voya High and Calamos Global
Can any of the company-specific risk be diversified away by investing in both Voya High 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 Voya High and Calamos Global into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Voya High Yield and Calamos Global Sustainable, you can compare the effects of market volatilities on Voya High 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 Voya High with a short position of Calamos Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of Voya High and Calamos Global.
Diversification Opportunities for Voya High and Calamos Global
-0.18 | Correlation Coefficient |
Good diversification
The 3 months correlation between Voya and Calamos is -0.18. Overlapping area represents the amount of risk that can be diversified away by holding Voya High Yield and Calamos Global Sustainable in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calamos Global Susta and Voya High 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 Voya High Yield 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 Susta has no effect on the direction of Voya High i.e., Voya High and Calamos Global go up and down completely randomly.
Pair Corralation between Voya High and Calamos Global
If you would invest 696.00 in Voya High Yield on September 20, 2024 and sell it today you would earn a total of 1.00 from holding Voya High Yield or generate 0.14% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 4.76% |
| Values | Daily Returns |
Voya High Yield vs. Calamos Global Sustainable
Performance |
| Timeline |
| Voya High Yield |
| Calamos Global Susta |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Voya High and Calamos Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Voya High and Calamos Global
The main advantage of trading using opposite Voya High and Calamos Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Voya High 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.| Voya High vs. Prudential Jennison Financial | Voya High vs. Financials Ultrasector Profund | Voya High vs. John Hancock Financial | Voya High vs. Icon Financial Fund |
| Calamos Global vs. Voya High Yield | Calamos Global vs. Jpmorgan High Yield | Calamos Global vs. Artisan High Income | Calamos Global vs. Virtus High Yield |
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 Portfolio Comparator module to compare the composition, asset allocations and performance of any two portfolios in your account.
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