Correlation Between Loomis Sayles and Calamos Opportunistic
Can any of the company-specific risk be diversified away by investing in both Loomis Sayles and Calamos Opportunistic 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 Loomis Sayles and Calamos Opportunistic into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Loomis Sayles Inflation and Calamos Opportunistic Value, you can compare the effects of market volatilities on Loomis Sayles and Calamos Opportunistic 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 Loomis Sayles with a short position of Calamos Opportunistic. Check out your portfolio center. Please also check ongoing floating volatility patterns of Loomis Sayles and Calamos Opportunistic.
Diversification Opportunities for Loomis Sayles and Calamos Opportunistic
-0.58 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Loomis and Calamos is -0.58. Overlapping area represents the amount of risk that can be diversified away by holding Loomis Sayles Inflation and Calamos Opportunistic Value in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calamos Opportunistic and Loomis Sayles 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 Loomis Sayles Inflation are associated (or correlated) with Calamos Opportunistic. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Calamos Opportunistic has no effect on the direction of Loomis Sayles i.e., Loomis Sayles and Calamos Opportunistic go up and down completely randomly.
Pair Corralation between Loomis Sayles and Calamos Opportunistic
Assuming the 90 days horizon Loomis Sayles is expected to generate 2.37 times less return on investment than Calamos Opportunistic. But when comparing it to its historical volatility, Loomis Sayles Inflation is 2.78 times less risky than Calamos Opportunistic. It trades about 0.2 of its potential returns per unit of risk. Calamos Opportunistic Value is currently generating about 0.17 of returns per unit of risk over similar time horizon. If you would invest 2,309 in Calamos Opportunistic Value on September 13, 2024 and sell it today you would earn a total of 51.00 from holding Calamos Opportunistic Value or generate 2.21% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Loomis Sayles Inflation vs. Calamos Opportunistic Value
Performance |
| Timeline |
| Loomis Sayles Inflation |
| Calamos Opportunistic |
Loomis Sayles and Calamos Opportunistic Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Loomis Sayles and Calamos Opportunistic
The main advantage of trading using opposite Loomis Sayles and Calamos Opportunistic positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Loomis Sayles position performs unexpectedly, Calamos Opportunistic 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 Opportunistic will offset losses from the drop in Calamos Opportunistic's long position.| Loomis Sayles vs. Smallcap Growth Fund | Loomis Sayles vs. Df Dent Small | Loomis Sayles vs. Lebenthal Lisanti Small | Loomis Sayles vs. Scout Small Cap |
| Calamos Opportunistic vs. Short Duration Inflation | Calamos Opportunistic vs. Lord Abbett Inflation | Calamos Opportunistic vs. Arrow Managed Futures | Calamos Opportunistic vs. Loomis Sayles Inflation |
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 Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.
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