Correlation Between Calamos Antetokounmpo and Nuveen Large
Can any of the company-specific risk be diversified away by investing in both Calamos Antetokounmpo and Nuveen Large 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 Nuveen Large 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 Nuveen Large Cap, you can compare the effects of market volatilities on Calamos Antetokounmpo and Nuveen Large 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 Nuveen Large. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Antetokounmpo and Nuveen Large.
Diversification Opportunities for Calamos Antetokounmpo and Nuveen Large
0.79 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Calamos and Nuveen is 0.79. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Antetokounmpo Sustaina and Nuveen Large Cap in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nuveen Large Cap 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 Nuveen Large. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nuveen Large Cap has no effect on the direction of Calamos Antetokounmpo i.e., Calamos Antetokounmpo and Nuveen Large go up and down completely randomly.
Pair Corralation between Calamos Antetokounmpo and Nuveen Large
Assuming the 90 days horizon Calamos Antetokounmpo is expected to generate 29.49 times less return on investment than Nuveen Large. But when comparing it to its historical volatility, Calamos Antetokounmpo Sustainable is 1.21 times less risky than Nuveen Large. It trades about 0.01 of its potential returns per unit of risk. Nuveen Large Cap is currently generating about 0.14 of returns per unit of risk over similar time horizon. If you would invest 4,396 in Nuveen Large Cap on August 25, 2024 and sell it today you would earn a total of 215.00 from holding Nuveen Large Cap or generate 4.89% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Calamos Antetokounmpo Sustaina vs. Nuveen Large Cap
Performance |
| Timeline |
| Calamos Antetokounmpo |
| Nuveen Large Cap |
Calamos Antetokounmpo and Nuveen Large Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Antetokounmpo and Nuveen Large
The main advantage of trading using opposite Calamos Antetokounmpo and Nuveen Large positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Antetokounmpo position performs unexpectedly, Nuveen Large 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 Nuveen Large will offset losses from the drop in Nuveen Large's long position.| Calamos Antetokounmpo vs. Nuveen Large Cap | Calamos Antetokounmpo vs. Nuveen Large Cap | Calamos Antetokounmpo vs. HUMANA INC | Calamos Antetokounmpo vs. SCOR PK |
| Nuveen Large vs. Nuveen Large Cap | Nuveen Large vs. Aquagold International | Nuveen Large vs. Morningstar Unconstrained Allocation | Nuveen Large vs. Thrivent 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 Content Syndication module to quickly integrate customizable finance content to your own investment portal.
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