Correlation Between Guggenheim High and Calamos Global
Can any of the company-specific risk be diversified away by investing in both Guggenheim High and Calamos Global 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 Guggenheim High and Calamos Global into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Guggenheim High Yield and Calamos Global Growth, you can compare the effects of market volatilities on Guggenheim High and Calamos Global 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 Guggenheim High with a short position of Calamos Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of Guggenheim High and Calamos Global.
Diversification Opportunities for Guggenheim High and Calamos Global
-0.07 | Correlation Coefficient |
Good diversification
The 3 months correlation between Guggenheim and Calamos is -0.07. Overlapping area represents the amount of risk that can be diversified away by holding Guggenheim High Yield and Calamos Global Growth in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calamos Global Growth and Guggenheim 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 Guggenheim High Yield are associated (or correlated) with Calamos Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Calamos Global Growth has no effect on the direction of Guggenheim High i.e., Guggenheim High and Calamos Global go up and down completely randomly.
Pair Corralation between Guggenheim High and Calamos Global
Assuming the 90 days horizon Guggenheim High Yield is expected to generate 0.15 times more return on investment than Calamos Global. However, Guggenheim High Yield is 6.5 times less risky than Calamos Global. It trades about -0.13 of its potential returns per unit of risk. Calamos Global Growth is currently generating about -0.27 per unit of risk. If you would invest 813.00 in Guggenheim High Yield on December 9, 2024 and sell it today you would lose (3.00) from holding Guggenheim High Yield or give up 0.37% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Guggenheim High Yield vs. Calamos Global Growth
Performance |
| Timeline |
| Guggenheim High Yield |
| Calamos Global Growth |
Guggenheim High and Calamos Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Guggenheim High and Calamos Global
The main advantage of trading using opposite Guggenheim High and Calamos Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Guggenheim High position performs unexpectedly, Calamos Global 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 Global will offset losses from the drop in Calamos Global's long position.| Guggenheim High vs. Harbor Vertible Securities | ||
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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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
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