Correlation Between Firsthand Technology and Calamos Antetokounmpo
Can any of the company-specific risk be diversified away by investing in both Firsthand Technology and Calamos Antetokounmpo 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 Firsthand Technology and Calamos Antetokounmpo into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Firsthand Technology Opportunities and Calamos Antetokounmpo Sustainable, you can compare the effects of market volatilities on Firsthand Technology and Calamos Antetokounmpo 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 Firsthand Technology with a short position of Calamos Antetokounmpo. Check out your portfolio center. Please also check ongoing floating volatility patterns of Firsthand Technology and Calamos Antetokounmpo.
Diversification Opportunities for Firsthand Technology and Calamos Antetokounmpo
0.86 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between FIRSTHAND and Calamos is 0.86. Overlapping area represents the amount of risk that can be diversified away by holding Firsthand Technology Opportuni and Calamos Antetokounmpo Sustaina in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calamos Antetokounmpo and Firsthand Technology 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 Firsthand Technology Opportunities are associated (or correlated) with Calamos Antetokounmpo. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Calamos Antetokounmpo has no effect on the direction of Firsthand Technology i.e., Firsthand Technology and Calamos Antetokounmpo go up and down completely randomly.
Pair Corralation between Firsthand Technology and Calamos Antetokounmpo
Assuming the 90 days horizon Firsthand Technology is expected to generate 18.44 times less return on investment than Calamos Antetokounmpo. In addition to that, Firsthand Technology is 2.29 times more volatile than Calamos Antetokounmpo Sustainable. It trades about 0.0 of its total potential returns per unit of risk. Calamos Antetokounmpo Sustainable is currently generating about 0.13 per unit of volatility. If you would invest 995.00 in Calamos Antetokounmpo Sustainable on September 1, 2024 and sell it today you would earn a total of 285.00 from holding Calamos Antetokounmpo Sustainable or generate 28.64% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Firsthand Technology Opportuni vs. Calamos Antetokounmpo Sustaina
Performance |
| Timeline |
| Firsthand Technology |
| Calamos Antetokounmpo |
Firsthand Technology and Calamos Antetokounmpo Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Firsthand Technology and Calamos Antetokounmpo
The main advantage of trading using opposite Firsthand Technology and Calamos Antetokounmpo positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Firsthand Technology position performs unexpectedly, Calamos Antetokounmpo 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 Antetokounmpo will offset losses from the drop in Calamos Antetokounmpo's long position.| Firsthand Technology vs. Berkshire Focus | Firsthand Technology vs. Red Oak Technology | Firsthand Technology vs. Jacob Internet Fund | Firsthand Technology vs. Kinetics Internet 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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
Other Complementary Tools
| Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency | |
| Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes | |
| Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings | |
| Efficient Frontier Plot and analyze your portfolio and positions against risk-return landscape of the market. | |
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges |