Correlation Between Bny Mellon and Calamos Global
Can any of the company-specific risk be diversified away by investing in both Bny Mellon and Calamos Global 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 Bny Mellon and Calamos Global into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Bny Mellon New and Calamos Global Equity, you can compare the effects of market volatilities on Bny Mellon and Calamos Global 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 Bny Mellon with a short position of Calamos Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bny Mellon and Calamos Global.
Diversification Opportunities for Bny Mellon and Calamos Global
0.1 | Correlation Coefficient |
Average diversification
The 3 months correlation between Bny and Calamos is 0.1. Overlapping area represents the amount of risk that can be diversified away by holding Bny Mellon New and Calamos Global Equity in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calamos Global Equity and Bny Mellon 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 Bny Mellon New are associated (or correlated) with Calamos Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Calamos Global Equity has no effect on the direction of Bny Mellon i.e., Bny Mellon and Calamos Global go up and down completely randomly.
Pair Corralation between Bny Mellon and Calamos Global
Assuming the 90 days horizon Bny Mellon is expected to generate 14.95 times less return on investment than Calamos Global. But when comparing it to its historical volatility, Bny Mellon New is 3.62 times less risky than Calamos Global. It trades about 0.04 of its potential returns per unit of risk. Calamos Global Equity is currently generating about 0.15 of returns per unit of risk over similar time horizon. If you would invest 1,858 in Calamos Global Equity on September 12, 2024 and sell it today you would earn a total of 136.00 from holding Calamos Global Equity or generate 7.32% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Bny Mellon New vs. Calamos Global Equity
Performance |
| Timeline |
| Bny Mellon New |
| Calamos Global Equity |
Bny Mellon and Calamos Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bny Mellon and Calamos Global
The main advantage of trading using opposite Bny Mellon and Calamos Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bny Mellon position performs unexpectedly, Calamos Global 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 Global will offset losses from the drop in Calamos Global's long position.| Bny Mellon vs. Artisan Global Unconstrained | Bny Mellon vs. Alliancebernstein Global High | Bny Mellon vs. Kinetics Global Fund | Bny Mellon vs. Mirova Global Green |
| Calamos Global vs. American Funds New | Calamos Global vs. American Funds New | Calamos Global vs. New Perspective Fund | Calamos Global vs. New Perspective Fund |
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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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