Correlation Between Petroleo Brasileiro and Calamos ETF
Can any of the company-specific risk be diversified away by investing in both Petroleo Brasileiro 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 Petroleo Brasileiro and Calamos ETF into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Petroleo Brasileiro Petrobras and Calamos ETF Trust, you can compare the effects of market volatilities on Petroleo Brasileiro 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 Petroleo Brasileiro with a short position of Calamos ETF. Check out your portfolio center. Please also check ongoing floating volatility patterns of Petroleo Brasileiro and Calamos ETF.
Diversification Opportunities for Petroleo Brasileiro and Calamos ETF
0.03 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Petroleo and Calamos is 0.03. Overlapping area represents the amount of risk that can be diversified away by holding Petroleo Brasileiro Petrobras 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 Petroleo Brasileiro 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 Petroleo Brasileiro Petrobras 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 Petroleo Brasileiro i.e., Petroleo Brasileiro and Calamos ETF go up and down completely randomly.
Pair Corralation between Petroleo Brasileiro and Calamos ETF
Considering the 90-day investment horizon Petroleo Brasileiro Petrobras is expected to generate 12.91 times more return on investment than Calamos ETF. However, Petroleo Brasileiro is 12.91 times more volatile than Calamos ETF Trust. It trades about 0.17 of its potential returns per unit of risk. Calamos ETF Trust is currently generating about 0.46 per unit of risk. If you would invest 1,372 in Petroleo Brasileiro Petrobras on September 13, 2024 and sell it today you would earn a total of 88.00 from holding Petroleo Brasileiro Petrobras or generate 6.41% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 38.1% |
| Values | Daily Returns |
Petroleo Brasileiro Petrobras vs. Calamos ETF Trust
Performance |
| Timeline |
| Petroleo Brasileiro |
| Calamos ETF Trust |
Petroleo Brasileiro and Calamos ETF Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Petroleo Brasileiro and Calamos ETF
The main advantage of trading using opposite Petroleo Brasileiro and Calamos ETF positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Petroleo Brasileiro 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.| Petroleo Brasileiro vs. Aquagold International | Petroleo Brasileiro vs. Thrivent High Yield | Petroleo Brasileiro vs. Morningstar Unconstrained Allocation | Petroleo Brasileiro vs. Via Renewables |
| 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 Portfolio File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
Other Complementary Tools
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Share Portfolio Track or share privately all of your investments from the convenience of any device | |
| Portfolio Volatility Check portfolio volatility and analyze historical return density to properly model market risk | |
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device | |
| Risk-Return Analysis View associations between returns expected from investment and the risk you assume |