Correlation Between T Rex and Calamos ETF
Can any of the company-specific risk be diversified away by investing in both T Rex and Calamos ETF 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 T Rex and Calamos ETF into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between T Rex 2X Long and Calamos ETF Trust, you can compare the effects of market volatilities on T Rex and Calamos ETF 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 T Rex with a short position of Calamos ETF. Check out your portfolio center. Please also check ongoing floating volatility patterns of T Rex and Calamos ETF.
Diversification Opportunities for T Rex and Calamos ETF
0.67 | Correlation Coefficient |
Poor diversification
The 3 months correlation between NVDX and Calamos is 0.67. Overlapping area represents the amount of risk that can be diversified away by holding T Rex 2X Long and Calamos ETF Trust in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calamos ETF Trust and T Rex 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 T Rex 2X Long are associated (or correlated) with Calamos ETF. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Calamos ETF Trust has no effect on the direction of T Rex i.e., T Rex and Calamos ETF go up and down completely randomly.
Pair Corralation between T Rex and Calamos ETF
Given the investment horizon of 90 days T Rex 2X Long is expected to generate 46.85 times more return on investment than Calamos ETF. However, T Rex is 46.85 times more volatile than Calamos ETF Trust. It trades about 0.13 of its potential returns per unit of risk. Calamos ETF Trust is currently generating about 0.24 per unit of risk. If you would invest 333.00 in T Rex 2X Long on September 14, 2024 and sell it today you would earn a total of 1,287 from holding T Rex 2X Long or generate 386.49% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 28.92% |
| Values | Daily Returns |
T Rex 2X Long vs. Calamos ETF Trust
Performance |
| Timeline |
| T Rex 2X |
| Calamos ETF Trust |
T Rex and Calamos ETF Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with T Rex and Calamos ETF
The main advantage of trading using opposite T Rex and Calamos ETF positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if T Rex position performs unexpectedly, Calamos ETF 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 ETF will offset losses from the drop in Calamos ETF's long position.| T Rex vs. Freedom Day Dividend | T Rex vs. Franklin Templeton ETF | T Rex vs. iShares MSCI China | T Rex vs. Tidal Trust II |
| Calamos ETF vs. FT Vest Equity | Calamos ETF vs. Northern Lights | Calamos ETF vs. Dimensional International High | Calamos ETF vs. JPMorgan Fundamental Data |
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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
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