Correlation Between Amg Managers and Calamos Evolving
Can any of the company-specific risk be diversified away by investing in both Amg Managers and Calamos Evolving 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 Amg Managers and Calamos Evolving into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Amg Managers Centersquare and Calamos Evolving World, you can compare the effects of market volatilities on Amg Managers and Calamos Evolving 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 Amg Managers with a short position of Calamos Evolving. Check out your portfolio center. Please also check ongoing floating volatility patterns of Amg Managers and Calamos Evolving.
Diversification Opportunities for Amg Managers and Calamos Evolving
-0.15 | Correlation Coefficient |
Good diversification
The 3 months correlation between Amg and Calamos is -0.15. Overlapping area represents the amount of risk that can be diversified away by holding Amg Managers Centersquare and Calamos Evolving World in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calamos Evolving World and Amg Managers 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 Amg Managers Centersquare are associated (or correlated) with Calamos Evolving. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Calamos Evolving World has no effect on the direction of Amg Managers i.e., Amg Managers and Calamos Evolving go up and down completely randomly.
Pair Corralation between Amg Managers and Calamos Evolving
Assuming the 90 days horizon Amg Managers Centersquare is expected to generate 1.17 times more return on investment than Calamos Evolving. However, Amg Managers is 1.17 times more volatile than Calamos Evolving World. It trades about 0.05 of its potential returns per unit of risk. Calamos Evolving World is currently generating about 0.05 per unit of risk. If you would invest 953.00 in Amg Managers Centersquare on September 12, 2024 and sell it today you would earn a total of 262.00 from holding Amg Managers Centersquare or generate 27.49% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 99.8% |
| Values | Daily Returns |
Amg Managers Centersquare vs. Calamos Evolving World
Performance |
| Timeline |
| Amg Managers Centersquare |
| Calamos Evolving World |
Amg Managers and Calamos Evolving Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Amg Managers and Calamos Evolving
The main advantage of trading using opposite Amg Managers and Calamos Evolving positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Amg Managers position performs unexpectedly, Calamos Evolving 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 Evolving will offset losses from the drop in Calamos Evolving's long position.| Amg Managers vs. T Rowe Price | Amg Managers vs. T Rowe Price | Amg Managers vs. T Rowe Price | Amg Managers vs. T Rowe Price |
| Calamos Evolving vs. Baird Strategic Municipal | Calamos Evolving vs. Franklin High Yield | Calamos Evolving vs. Dws Government Money | Calamos Evolving vs. Counterpoint Tactical Municipal |
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 Performance Analysis module to check effects of mean-variance optimization against your current asset allocation.
Other Complementary Tools
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges |