Correlation Between Cohen Steers and Calamos Strategic
Can any of the company-specific risk be diversified away by investing in both Cohen Steers and Calamos Strategic 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 Cohen Steers and Calamos Strategic into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Cohen Steers Qualityome and Calamos Strategic Total, you can compare the effects of market volatilities on Cohen Steers and Calamos Strategic 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 Cohen Steers with a short position of Calamos Strategic. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cohen Steers and Calamos Strategic.
Diversification Opportunities for Cohen Steers and Calamos Strategic
-0.22 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Cohen and Calamos is -0.22. Overlapping area represents the amount of risk that can be diversified away by holding Cohen Steers Qualityome and Calamos Strategic Total in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calamos Strategic Total and Cohen Steers 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 Cohen Steers Qualityome are associated (or correlated) with Calamos Strategic. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Calamos Strategic Total has no effect on the direction of Cohen Steers i.e., Cohen Steers and Calamos Strategic go up and down completely randomly.
Pair Corralation between Cohen Steers and Calamos Strategic
Considering the 90-day investment horizon Cohen Steers Qualityome is expected to generate 1.58 times more return on investment than Calamos Strategic. However, Cohen Steers is 1.58 times more volatile than Calamos Strategic Total. It trades about 0.11 of its potential returns per unit of risk. Calamos Strategic Total is currently generating about 0.14 per unit of risk. If you would invest 893.00 in Cohen Steers Qualityome on August 29, 2024 and sell it today you would earn a total of 500.00 from holding Cohen Steers Qualityome or generate 55.99% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Cohen Steers Qualityome vs. Calamos Strategic Total
Performance |
| Timeline |
| Cohen Steers Qualityome |
| Calamos Strategic Total |
Cohen Steers and Calamos Strategic Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cohen Steers and Calamos Strategic
The main advantage of trading using opposite Cohen Steers and Calamos Strategic positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cohen Steers position performs unexpectedly, Calamos Strategic 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 Strategic will offset losses from the drop in Calamos Strategic's long position.| Cohen Steers vs. Cohen And Steers | Cohen Steers vs. Reaves Utility If | Cohen Steers vs. Cohen Steers Total | Cohen Steers vs. Pimco Dynamic Income |
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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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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