Correlation Between Calamos Antetokounmpo and The Tocqueville
Can any of the company-specific risk be diversified away by investing in both Calamos Antetokounmpo and The Tocqueville 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 The Tocqueville 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 The Tocqueville Fund, you can compare the effects of market volatilities on Calamos Antetokounmpo and The Tocqueville 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 The Tocqueville. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Antetokounmpo and The Tocqueville.
Diversification Opportunities for Calamos Antetokounmpo and The Tocqueville
0.57 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Calamos and The is 0.57. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Antetokounmpo Sustaina and The Tocqueville Fund in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on The Tocqueville 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 The Tocqueville. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of The Tocqueville has no effect on the direction of Calamos Antetokounmpo i.e., Calamos Antetokounmpo and The Tocqueville go up and down completely randomly.
Pair Corralation between Calamos Antetokounmpo and The Tocqueville
Assuming the 90 days horizon Calamos Antetokounmpo is expected to generate 1.5 times less return on investment than The Tocqueville. But when comparing it to its historical volatility, Calamos Antetokounmpo Sustainable is 1.32 times less risky than The Tocqueville. It trades about 0.01 of its potential returns per unit of risk. The Tocqueville Fund is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 4,687 in The Tocqueville Fund on November 30, 2024 and sell it today you would earn a total of 21.00 from holding The Tocqueville Fund or generate 0.45% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Calamos Antetokounmpo Sustaina vs. The Tocqueville Fund
Performance |
| Timeline |
| Calamos Antetokounmpo |
| The Tocqueville |
Calamos Antetokounmpo and The Tocqueville Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Antetokounmpo and The Tocqueville
The main advantage of trading using opposite Calamos Antetokounmpo and The Tocqueville positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Antetokounmpo position performs unexpectedly, The Tocqueville 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 The Tocqueville will offset losses from the drop in The Tocqueville's long position.| Calamos Antetokounmpo vs. Flakqx | Calamos Antetokounmpo vs. Wabmsx | Calamos Antetokounmpo vs. Fbanjx | Calamos Antetokounmpo vs. Furyax |
| The Tocqueville vs. Equity Series Class | The Tocqueville vs. Large Cap Fund | The Tocqueville vs. The Tocqueville International | The Tocqueville vs. Heartland Value Plus |
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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
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