Correlation Between Intel and Calamos Strategic
Can any of the company-specific risk be diversified away by investing in both Intel and Calamos Strategic 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 Strategic into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Intel and Calamos Strategic Total, you can compare the effects of market volatilities on Intel and Calamos Strategic 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 Strategic. Check out your portfolio center. Please also check ongoing floating volatility patterns of Intel and Calamos Strategic.
Diversification Opportunities for Intel and Calamos Strategic
0.9 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Intel and Calamos is 0.9. Overlapping area represents the amount of risk that can be diversified away by holding Intel and Calamos Strategic Total in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calamos Strategic Total 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 Strategic. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Calamos Strategic Total has no effect on the direction of Intel i.e., Intel and Calamos Strategic go up and down completely randomly.
Pair Corralation between Intel and Calamos Strategic
Given the investment horizon of 90 days Intel is expected to generate 3.84 times more return on investment than Calamos Strategic. However, Intel is 3.84 times more volatile than Calamos Strategic Total. It trades about 0.13 of its potential returns per unit of risk. Calamos Strategic Total is currently generating about 0.15 per unit of risk. If you would invest 2,292 in Intel on August 28, 2024 and sell it today you would earn a total of 195.00 from holding Intel or generate 8.51% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Intel vs. Calamos Strategic Total
Performance |
| Timeline |
| Intel |
| Calamos Strategic Total |
Intel and Calamos Strategic Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Intel and Calamos Strategic
The main advantage of trading using opposite Intel and Calamos Strategic positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Intel position performs unexpectedly, Calamos Strategic 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 Strategic will offset losses from the drop in Calamos Strategic's long position.| Intel vs. NVIDIA | Intel vs. Taiwan Semiconductor Manufacturing | Intel vs. Marvell Technology Group | Intel vs. Micron Technology |
| Calamos Strategic vs. Allspring Income Opportunities | Calamos Strategic vs. Allspring Global Dividend | Calamos Strategic vs. Blackstone Gso Senior | Calamos Strategic vs. John Hancock Preferred |
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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
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