Correlation Between Calamos Antetokounmpo and Federated Institutional
Can any of the company-specific risk be diversified away by investing in both Calamos Antetokounmpo and Federated Institutional 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 Federated Institutional 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 Federated Institutional High, you can compare the effects of market volatilities on Calamos Antetokounmpo and Federated Institutional 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 Federated Institutional. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Antetokounmpo and Federated Institutional.
Diversification Opportunities for Calamos Antetokounmpo and Federated Institutional
0.59 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Calamos and FEDERATED is 0.59. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Antetokounmpo Sustaina and Federated Institutional High in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Federated Institutional 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 Federated Institutional. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Federated Institutional has no effect on the direction of Calamos Antetokounmpo i.e., Calamos Antetokounmpo and Federated Institutional go up and down completely randomly.
Pair Corralation between Calamos Antetokounmpo and Federated Institutional
Assuming the 90 days horizon Calamos Antetokounmpo Sustainable is expected to generate 4.43 times more return on investment than Federated Institutional. However, Calamos Antetokounmpo is 4.43 times more volatile than Federated Institutional High. It trades about 0.3 of its potential returns per unit of risk. Federated Institutional High is currently generating about 0.12 per unit of risk. If you would invest 1,250 in Calamos Antetokounmpo Sustainable on September 1, 2024 and sell it today you would earn a total of 48.00 from holding Calamos Antetokounmpo Sustainable or generate 3.84% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
Calamos Antetokounmpo Sustaina vs. Federated Institutional High
Performance |
| Timeline |
| Calamos Antetokounmpo |
| Federated Institutional |
Calamos Antetokounmpo and Federated Institutional Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Antetokounmpo and Federated Institutional
The main advantage of trading using opposite Calamos Antetokounmpo and Federated Institutional positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Antetokounmpo position performs unexpectedly, Federated Institutional 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 Federated Institutional will offset losses from the drop in Federated Institutional's long position.| Calamos Antetokounmpo vs. Federated Institutional High | Calamos Antetokounmpo vs. Siit High Yield | Calamos Antetokounmpo vs. Virtus High Yield | Calamos Antetokounmpo vs. Msift High Yield |
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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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