Correlation Between Oppenheimer Global and Calamos Vertible
Can any of the company-specific risk be diversified away by investing in both Oppenheimer Global and Calamos Vertible 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 Global and Calamos Vertible into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Oppenheimer Global Allocation and Calamos Vertible Fund, you can compare the effects of market volatilities on Oppenheimer Global and Calamos Vertible 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 Global with a short position of Calamos Vertible. Check out your portfolio center. Please also check ongoing floating volatility patterns of Oppenheimer Global and Calamos Vertible.
Diversification Opportunities for Oppenheimer Global and Calamos Vertible
0.89 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Oppenheimer and Calamos is 0.89. Overlapping area represents the amount of risk that can be diversified away by holding Oppenheimer Global Allocation and Calamos Vertible Fund in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calamos Vertible and Oppenheimer Global 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 Global Allocation are associated (or correlated) with Calamos Vertible. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Calamos Vertible has no effect on the direction of Oppenheimer Global i.e., Oppenheimer Global and Calamos Vertible go up and down completely randomly.
Pair Corralation between Oppenheimer Global and Calamos Vertible
Assuming the 90 days horizon Oppenheimer Global is expected to generate 1.26 times less return on investment than Calamos Vertible. But when comparing it to its historical volatility, Oppenheimer Global Allocation is 1.19 times less risky than Calamos Vertible. It trades about 0.16 of its potential returns per unit of risk. Calamos Vertible Fund is currently generating about 0.17 of returns per unit of risk over similar time horizon. If you would invest 1,861 in Calamos Vertible Fund on November 4, 2024 and sell it today you would earn a total of 41.00 from holding Calamos Vertible Fund or generate 2.2% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Oppenheimer Global Allocation vs. Calamos Vertible Fund
Performance |
| Timeline |
| Oppenheimer Global |
| Calamos Vertible |
Oppenheimer Global and Calamos Vertible Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Oppenheimer Global and Calamos Vertible
The main advantage of trading using opposite Oppenheimer Global and Calamos Vertible positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Oppenheimer Global position performs unexpectedly, Calamos Vertible 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 Vertible will offset losses from the drop in Calamos Vertible's long position.| Oppenheimer Global vs. Touchstone Large Cap | Oppenheimer Global vs. Morningstar Global Income | Oppenheimer Global vs. Qs Global Equity | Oppenheimer Global vs. Tax Managed Large Cap |
| Calamos Vertible vs. Tax Managed Mid Small | Calamos Vertible vs. Praxis Small Cap | Calamos Vertible vs. Touchstone Small Cap | Calamos Vertible vs. Ab Small Cap |
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 Global Correlations module to find global opportunities by holding instruments from different markets.
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