Correlation Between Horizon Spin-off and Calamos Strategic
Can any of the company-specific risk be diversified away by investing in both Horizon Spin-off 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 Horizon Spin-off and Calamos Strategic into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Horizon Spin Off And and Calamos Strategic Total, you can compare the effects of market volatilities on Horizon Spin-off 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 Horizon Spin-off with a short position of Calamos Strategic. Check out your portfolio center. Please also check ongoing floating volatility patterns of Horizon Spin-off and Calamos Strategic.
Diversification Opportunities for Horizon Spin-off and Calamos Strategic
0.91 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Horizon and Calamos is 0.91. Overlapping area represents the amount of risk that can be diversified away by holding Horizon Spin Off And 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 Horizon Spin-off 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 Horizon Spin Off And 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 Horizon Spin-off i.e., Horizon Spin-off and Calamos Strategic go up and down completely randomly.
Pair Corralation between Horizon Spin-off and Calamos Strategic
Assuming the 90 days horizon Horizon Spin Off And is expected to generate 1.86 times more return on investment than Calamos Strategic. However, Horizon Spin-off is 1.86 times more volatile than Calamos Strategic Total. It trades about 0.66 of its potential returns per unit of risk. Calamos Strategic Total is currently generating about 0.14 per unit of risk. If you would invest 3,364 in Horizon Spin Off And on August 24, 2024 and sell it today you would earn a total of 854.00 from holding Horizon Spin Off And or generate 25.39% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 95.65% |
| Values | Daily Returns |
Horizon Spin Off And vs. Calamos Strategic Total
Performance |
| Timeline |
| Horizon Spin Off |
| Calamos Strategic Total |
Horizon Spin-off and Calamos Strategic Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Horizon Spin-off and Calamos Strategic
The main advantage of trading using opposite Horizon Spin-off and Calamos Strategic positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Horizon Spin-off 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.| Horizon Spin-off vs. Franklin Emerging Market | Horizon Spin-off vs. Rbc Emerging Markets | Horizon Spin-off vs. Rbc Bluebay Emerging | Horizon Spin-off vs. Investec Emerging Markets |
| Calamos Strategic vs. Calamos Convertible Opportunities | Calamos Strategic vs. Calamos Dynamic Convertible | Calamos Strategic vs. Calamos Global Dynamic | Calamos Strategic vs. Calamos LongShort Equity |
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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