Correlation Between Pace High and Calamos Total
Can any of the company-specific risk be diversified away by investing in both Pace High and Calamos Total 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 Pace High and Calamos Total into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Pace High Yield and Calamos Total Return, you can compare the effects of market volatilities on Pace High and Calamos Total 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 Pace High with a short position of Calamos Total. Check out your portfolio center. Please also check ongoing floating volatility patterns of Pace High and Calamos Total.
Diversification Opportunities for Pace High and Calamos Total
-0.34 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Pace and Calamos is -0.34. Overlapping area represents the amount of risk that can be diversified away by holding Pace High Yield and Calamos Total Return in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calamos Total Return and Pace High 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 Pace High Yield are associated (or correlated) with Calamos Total. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Calamos Total Return has no effect on the direction of Pace High i.e., Pace High and Calamos Total go up and down completely randomly.
Pair Corralation between Pace High and Calamos Total
Assuming the 90 days horizon Pace High Yield is expected to generate 0.36 times more return on investment than Calamos Total. However, Pace High Yield is 2.81 times less risky than Calamos Total. It trades about 0.32 of its potential returns per unit of risk. Calamos Total Return is currently generating about 0.06 per unit of risk. If you would invest 895.00 in Pace High Yield on September 15, 2024 and sell it today you would earn a total of 6.00 from holding Pace High Yield or generate 0.67% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Pace High Yield vs. Calamos Total Return
Performance |
| Timeline |
| Pace High Yield |
| Calamos Total Return |
Pace High and Calamos Total Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Pace High and Calamos Total
The main advantage of trading using opposite Pace High and Calamos Total positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Pace High position performs unexpectedly, Calamos Total 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 Total will offset losses from the drop in Calamos Total's long position.| Pace High vs. Pace Smallmedium Value | Pace High vs. Pace International Equity | Pace High vs. Pace International Equity | Pace High vs. Ubs Allocation Fund |
| Calamos Total vs. Dreyfusstandish Global Fixed | Calamos Total vs. Bbh Intermediate Municipal | Calamos Total vs. T Rowe Price | Calamos Total vs. Pace High Yield |
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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
Other Complementary Tools
| Share Portfolio Track or share privately all of your investments from the convenience of any device | |
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. | |
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope | |
| 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 | |
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences |