Correlation Between Intel and Calamos High
Can any of the company-specific risk be diversified away by investing in both Intel and Calamos High 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 Intel and Calamos High into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Intel and Calamos High Income, you can compare the effects of market volatilities on Intel and Calamos High 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 Intel with a short position of Calamos High. Check out your portfolio center. Please also check ongoing floating volatility patterns of Intel and Calamos High.
Diversification Opportunities for Intel and Calamos High
0.84 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Intel and Calamos is 0.84. Overlapping area represents the amount of risk that can be diversified away by holding Intel and Calamos High Income in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calamos High Income and Intel 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 Intel are associated (or correlated) with Calamos High. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Calamos High Income has no effect on the direction of Intel i.e., Intel and Calamos High go up and down completely randomly.
Pair Corralation between Intel and Calamos High
Given the investment horizon of 90 days Intel is expected to generate 23.71 times more return on investment than Calamos High. However, Intel is 23.71 times more volatile than Calamos High Income. It trades about 0.01 of its potential returns per unit of risk. Calamos High Income is currently generating about 0.13 per unit of risk. If you would invest 2,346 in Intel on August 29, 2024 and sell it today you would lose (20.50) from holding Intel or give up 0.87% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Intel vs. Calamos High Income
Performance |
| Timeline |
| Intel |
| Calamos High Income |
Intel and Calamos High Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Intel and Calamos High
The main advantage of trading using opposite Intel and Calamos High positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Intel position performs unexpectedly, Calamos High 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 High will offset losses from the drop in Calamos High's long position.| Intel vs. ABIVAX Socit Anonyme | Intel vs. Morningstar Unconstrained Allocation | Intel vs. SPACE | Intel vs. Knife River |
| Calamos High vs. Prudential Government Income | Calamos High vs. Government Securities Fund | Calamos High vs. Dunham Porategovernment Bond | Calamos High vs. Short Term Government Fund |
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 Correlation Analysis module to reduce portfolio risk simply by holding instruments which are not perfectly correlated.
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