Correlation Between Short Oil and Calamos Global
Can any of the company-specific risk be diversified away by investing in both Short Oil 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 Short Oil and Calamos Global into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Short Oil Gas and Calamos Global Equity, you can compare the effects of market volatilities on Short Oil 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 Short Oil with a short position of Calamos Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of Short Oil and Calamos Global.
Diversification Opportunities for Short Oil and Calamos Global
-0.71 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Short and Calamos is -0.71. Overlapping area represents the amount of risk that can be diversified away by holding Short Oil Gas and Calamos Global Equity in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calamos Global Equity and Short Oil 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 Short Oil Gas 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 Equity has no effect on the direction of Short Oil i.e., Short Oil and Calamos Global go up and down completely randomly.
Pair Corralation between Short Oil and Calamos Global
Assuming the 90 days horizon Short Oil Gas is expected to under-perform the Calamos Global. In addition to that, Short Oil is 1.4 times more volatile than Calamos Global Equity. It trades about -0.23 of its total potential returns per unit of risk. Calamos Global Equity is currently generating about 0.14 per unit of volatility. If you would invest 1,901 in Calamos Global Equity on August 29, 2024 and sell it today you would earn a total of 50.00 from holding Calamos Global Equity or generate 2.63% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Short Oil Gas vs. Calamos Global Equity
Performance |
| Timeline |
| Short Oil Gas |
| Calamos Global Equity |
Short Oil and Calamos Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Short Oil and Calamos Global
The main advantage of trading using opposite Short Oil and Calamos Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Short Oil 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.| Short Oil vs. Short Precious Metals | Short Oil vs. McDonalds | Short Oil vs. Microsoft | Short Oil vs. Verizon Communications |
| Calamos Global vs. T Rowe Price | Calamos Global vs. T Rowe Price | Calamos Global vs. HUMANA INC | Calamos Global vs. Aquagold International |
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 Optimizer module to use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio .
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