Correlation Between Calamos Antetokounmpo and Calamos Timpani
Can any of the company-specific risk be diversified away by investing in both Calamos Antetokounmpo and Calamos Timpani 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 Timpani 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 Timpani Small, you can compare the effects of market volatilities on Calamos Antetokounmpo and Calamos Timpani 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 Timpani. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Antetokounmpo and Calamos Timpani.
Diversification Opportunities for Calamos Antetokounmpo and Calamos Timpani
0.63 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Calamos and Calamos is 0.63. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Antetokounmpo Sustaina and Calamos Timpani Small in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calamos Timpani Small 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 Timpani. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Calamos Timpani Small has no effect on the direction of Calamos Antetokounmpo i.e., Calamos Antetokounmpo and Calamos Timpani go up and down completely randomly.
Pair Corralation between Calamos Antetokounmpo and Calamos Timpani
Assuming the 90 days horizon Calamos Antetokounmpo Sustainable is expected to generate 0.41 times more return on investment than Calamos Timpani. However, Calamos Antetokounmpo Sustainable is 2.41 times less risky than Calamos Timpani. It trades about -0.12 of its potential returns per unit of risk. Calamos Timpani Small is currently generating about -0.23 per unit of risk. If you would invest 1,288 in Calamos Antetokounmpo Sustainable on December 1, 2024 and sell it today you would lose (24.00) from holding Calamos Antetokounmpo Sustainable or give up 1.86% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 95.45% |
| Values | Daily Returns |
Calamos Antetokounmpo Sustaina vs. Calamos Timpani Small
Performance |
| Timeline |
| Calamos Antetokounmpo |
| Calamos Timpani Small |
Calamos Antetokounmpo and Calamos Timpani Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Antetokounmpo and Calamos Timpani
The main advantage of trading using opposite Calamos Antetokounmpo and Calamos Timpani positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Antetokounmpo position performs unexpectedly, Calamos Timpani 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 Timpani will offset losses from the drop in Calamos Timpani's long position.The idea behind Calamos Antetokounmpo Sustainable and Calamos Timpani Small 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.
| Calamos Timpani vs. Vanguard Energy Index | Calamos Timpani vs. Franklin Natural Resources | Calamos Timpani vs. Blackrock All Cap Energy | Calamos Timpani vs. Hennessy Bp Energy |
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 Portfolio Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
Other Complementary Tools
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios | |
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments | |
| Technical Analysis Check basic technical indicators and analysis based on most latest market data |