Correlation Between Thrivent High and Calamos Antetokounmpo
Can any of the company-specific risk be diversified away by investing in both Thrivent High and Calamos Antetokounmpo 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 Thrivent High and Calamos Antetokounmpo into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Thrivent High Yield and Calamos Antetokounmpo Sustainable, you can compare the effects of market volatilities on Thrivent High and Calamos Antetokounmpo 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 Thrivent High with a short position of Calamos Antetokounmpo. Check out your portfolio center. Please also check ongoing floating volatility patterns of Thrivent High and Calamos Antetokounmpo.
Diversification Opportunities for Thrivent High and Calamos Antetokounmpo
0.63 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Thrivent and Calamos is 0.63. Overlapping area represents the amount of risk that can be diversified away by holding Thrivent High Yield and Calamos Antetokounmpo Sustaina in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calamos Antetokounmpo and Thrivent 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 Thrivent High Yield are associated (or correlated) with Calamos Antetokounmpo. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Calamos Antetokounmpo has no effect on the direction of Thrivent High i.e., Thrivent High and Calamos Antetokounmpo go up and down completely randomly.
Pair Corralation between Thrivent High and Calamos Antetokounmpo
Assuming the 90 days horizon Thrivent High is expected to generate 3.29 times less return on investment than Calamos Antetokounmpo. But when comparing it to its historical volatility, Thrivent High Yield is 4.23 times less risky than Calamos Antetokounmpo. It trades about 0.15 of its potential returns per unit of risk. Calamos Antetokounmpo Sustainable is currently generating about 0.12 of returns per unit of risk over similar time horizon. If you would invest 1,240 in Calamos Antetokounmpo Sustainable on September 2, 2024 and sell it today you would earn a total of 58.00 from holding Calamos Antetokounmpo Sustainable or generate 4.68% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Thrivent High Yield vs. Calamos Antetokounmpo Sustaina
Performance |
| Timeline |
| Thrivent High Yield |
| Calamos Antetokounmpo |
Thrivent High and Calamos Antetokounmpo Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Thrivent High and Calamos Antetokounmpo
The main advantage of trading using opposite Thrivent High and Calamos Antetokounmpo positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Thrivent High position performs unexpectedly, Calamos Antetokounmpo 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 Antetokounmpo will offset losses from the drop in Calamos Antetokounmpo's long position.| Thrivent High vs. Thrivent Limited Maturity | Thrivent High vs. Thrivent Large Cap | Thrivent High vs. Thrivent Large Cap | Thrivent High vs. Thrivent Opportunity Income |
| Calamos Antetokounmpo vs. Small Midcap Dividend Income | Calamos Antetokounmpo vs. Fisher Small Cap | Calamos Antetokounmpo vs. Chartwell Small Cap | Calamos Antetokounmpo vs. Small Pany Growth |
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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
Other Complementary Tools
| Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format | |
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
| Portfolio Suggestion Get suggestions outside of your existing asset allocation including your own model portfolios | |
| Portfolio Comparator Compare the composition, asset allocations and performance of any two portfolios in your account | |
| Volatility Analysis Get historical volatility and risk analysis based on latest market data |