Correlation Between Oppenheimer Steelpath and Calamos Hedged
Can any of the company-specific risk be diversified away by investing in both Oppenheimer Steelpath and Calamos Hedged 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 Oppenheimer Steelpath and Calamos Hedged into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Oppenheimer Steelpath Mlp and Calamos Hedged Equity, you can compare the effects of market volatilities on Oppenheimer Steelpath and Calamos Hedged 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 Oppenheimer Steelpath with a short position of Calamos Hedged. Check out your portfolio center. Please also check ongoing floating volatility patterns of Oppenheimer Steelpath and Calamos Hedged.
Diversification Opportunities for Oppenheimer Steelpath and Calamos Hedged
0.79 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Oppenheimer and Calamos is 0.79. Overlapping area represents the amount of risk that can be diversified away by holding Oppenheimer Steelpath Mlp and Calamos Hedged Equity in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calamos Hedged Equity and Oppenheimer Steelpath 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 Oppenheimer Steelpath Mlp are associated (or correlated) with Calamos Hedged. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Calamos Hedged Equity has no effect on the direction of Oppenheimer Steelpath i.e., Oppenheimer Steelpath and Calamos Hedged go up and down completely randomly.
Pair Corralation between Oppenheimer Steelpath and Calamos Hedged
Assuming the 90 days horizon Oppenheimer Steelpath Mlp is expected to generate 2.38 times more return on investment than Calamos Hedged. However, Oppenheimer Steelpath is 2.38 times more volatile than Calamos Hedged Equity. It trades about 0.54 of its potential returns per unit of risk. Calamos Hedged Equity is currently generating about 0.15 per unit of risk. If you would invest 589.00 in Oppenheimer Steelpath Mlp on August 29, 2024 and sell it today you would earn a total of 86.00 from holding Oppenheimer Steelpath Mlp or generate 14.6% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Oppenheimer Steelpath Mlp vs. Calamos Hedged Equity
Performance |
| Timeline |
| Oppenheimer Steelpath Mlp |
| Calamos Hedged Equity |
Oppenheimer Steelpath and Calamos Hedged Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Oppenheimer Steelpath and Calamos Hedged
The main advantage of trading using opposite Oppenheimer Steelpath and Calamos Hedged positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Oppenheimer Steelpath position performs unexpectedly, Calamos Hedged 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 Hedged will offset losses from the drop in Calamos Hedged's long position.| Oppenheimer Steelpath vs. Strategic Allocation Aggressive | Oppenheimer Steelpath vs. Pace Large Growth | Oppenheimer Steelpath vs. T Rowe Price | Oppenheimer Steelpath vs. Alternative Asset Allocation |
| Calamos Hedged vs. American Beacon Soundpointfltrtinc | Calamos Hedged vs. Calamos Hedged Equity | Calamos Hedged vs. Calamos Market Neutral | Calamos Hedged vs. Aqr Long Short 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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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