Correlation Between Calamos Antetokounmpo and Calamos Global
Can any of the company-specific risk be diversified away by investing in both Calamos Antetokounmpo 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 Calamos Antetokounmpo and Calamos Global 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 Global Equity, you can compare the effects of market volatilities on Calamos Antetokounmpo 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 Calamos Antetokounmpo with a short position of Calamos Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Antetokounmpo and Calamos Global.
Diversification Opportunities for Calamos Antetokounmpo and Calamos Global
0.95 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Calamos and Calamos is 0.95. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Antetokounmpo Sustaina 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 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 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 Calamos Antetokounmpo i.e., Calamos Antetokounmpo and Calamos Global go up and down completely randomly.
Pair Corralation between Calamos Antetokounmpo and Calamos Global
Assuming the 90 days horizon Calamos Antetokounmpo is expected to generate 2.39 times less return on investment than Calamos Global. But when comparing it to its historical volatility, Calamos Antetokounmpo Sustainable is 1.21 times less risky than Calamos Global. It trades about 0.04 of its potential returns per unit of risk. Calamos Global Equity is currently generating about 0.08 of returns per unit of risk over similar time horizon. If you would invest 1,900 in Calamos Global Equity on August 31, 2024 and sell it today you would earn a total of 48.00 from holding Calamos Global Equity or generate 2.53% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Calamos Antetokounmpo Sustaina vs. Calamos Global Equity
Performance |
| Timeline |
| Calamos Antetokounmpo |
| Calamos Global Equity |
Calamos Antetokounmpo and Calamos Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Antetokounmpo and Calamos Global
The main advantage of trading using opposite Calamos Antetokounmpo and Calamos Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Antetokounmpo 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.| Calamos Antetokounmpo vs. Aquagold International | Calamos Antetokounmpo vs. Morningstar Unconstrained Allocation | Calamos Antetokounmpo vs. Thrivent High Yield | Calamos Antetokounmpo vs. Via Renewables |
| Calamos Global vs. American Funds New | Calamos Global vs. New Perspective Fund | Calamos Global vs. New Perspective Fund | Calamos Global vs. New Perspective Fund |
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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
Other Complementary Tools
| Crypto Correlations Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins | |
| Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings | |
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets | |
| Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio | |
| ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments |