Correlation Between Calamos Antetokounmpo and Calamos Total
Can any of the company-specific risk be diversified away by investing in both Calamos Antetokounmpo 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 Calamos Antetokounmpo and Calamos Total into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Calamos Antetokounmpo Sustainable and Calamos Total Return, you can compare the effects of market volatilities on Calamos Antetokounmpo 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 Calamos Antetokounmpo with a short position of Calamos Total. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Antetokounmpo and Calamos Total.
Diversification Opportunities for Calamos Antetokounmpo and Calamos Total
-0.44 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Calamos and Calamos is -0.44. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Antetokounmpo Sustaina 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 Calamos Antetokounmpo 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 Calamos Antetokounmpo Sustainable 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 Calamos Antetokounmpo i.e., Calamos Antetokounmpo and Calamos Total go up and down completely randomly.
Pair Corralation between Calamos Antetokounmpo and Calamos Total
Assuming the 90 days horizon Calamos Antetokounmpo Sustainable is expected to generate 1.97 times more return on investment than Calamos Total. However, Calamos Antetokounmpo is 1.97 times more volatile than Calamos Total Return. It trades about 0.14 of its potential returns per unit of risk. Calamos Total Return is currently generating about 0.09 per unit of risk. If you would invest 974.00 in Calamos Antetokounmpo Sustainable on August 29, 2024 and sell it today you would earn a total of 318.00 from holding Calamos Antetokounmpo Sustainable or generate 32.65% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Calamos Antetokounmpo Sustaina vs. Calamos Total Return
Performance |
| Timeline |
| Calamos Antetokounmpo |
| Calamos Total Return |
Calamos Antetokounmpo and Calamos Total Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Antetokounmpo and Calamos Total
The main advantage of trading using opposite Calamos Antetokounmpo and Calamos Total positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Antetokounmpo 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.The idea behind Calamos Antetokounmpo Sustainable and Calamos Total Return pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
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