Correlation Between Oppenheimer Intl and Calamos International
Can any of the company-specific risk be diversified away by investing in both Oppenheimer Intl and Calamos International 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 Intl and Calamos International into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Oppenheimer Intl Small and Calamos International Small, you can compare the effects of market volatilities on Oppenheimer Intl and Calamos International 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 Intl with a short position of Calamos International. Check out your portfolio center. Please also check ongoing floating volatility patterns of Oppenheimer Intl and Calamos International.
Diversification Opportunities for Oppenheimer Intl and Calamos International
0.58 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Oppenheimer and Calamos is 0.58. Overlapping area represents the amount of risk that can be diversified away by holding Oppenheimer Intl Small and Calamos International Small in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calamos International and Oppenheimer Intl 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 Intl Small are associated (or correlated) with Calamos International. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Calamos International has no effect on the direction of Oppenheimer Intl i.e., Oppenheimer Intl and Calamos International go up and down completely randomly.
Pair Corralation between Oppenheimer Intl and Calamos International
Assuming the 90 days horizon Oppenheimer Intl Small is expected to generate 0.99 times more return on investment than Calamos International. However, Oppenheimer Intl Small is 1.02 times less risky than Calamos International. It trades about 0.1 of its potential returns per unit of risk. Calamos International Small is currently generating about -0.05 per unit of risk. If you would invest 3,486 in Oppenheimer Intl Small on November 27, 2024 and sell it today you would earn a total of 52.00 from holding Oppenheimer Intl Small or generate 1.49% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Oppenheimer Intl Small vs. Calamos International Small
Performance |
| Timeline |
| Oppenheimer Intl Small |
| Calamos International |
Oppenheimer Intl and Calamos International Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Oppenheimer Intl and Calamos International
The main advantage of trading using opposite Oppenheimer Intl and Calamos International positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Oppenheimer Intl position performs unexpectedly, Calamos International 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 International will offset losses from the drop in Calamos International's long position.| Oppenheimer Intl vs. Oppenheimer Main Street | Oppenheimer Intl vs. Oppenheimer Intl Small | Oppenheimer Intl vs. Oppenheimer Main Street | Oppenheimer Intl vs. Oppenheimer Global Strtgc |
| Calamos International vs. Rbc Funds Trust | Calamos International vs. Dreyfusstandish Global Fixed | Calamos International vs. Nationwide E Plus | Calamos International vs. Dodge International Stock |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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