Correlation Between Total Income and Calamos Market
Can any of the company-specific risk be diversified away by investing in both Total Income and Calamos Market 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 Total Income and Calamos Market into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Total Income Real and Calamos Market Neutral, you can compare the effects of market volatilities on Total Income and Calamos Market 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 Total Income with a short position of Calamos Market. Check out your portfolio center. Please also check ongoing floating volatility patterns of Total Income and Calamos Market.
Diversification Opportunities for Total Income and Calamos Market
-0.74 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Total and Calamos is -0.74. Overlapping area represents the amount of risk that can be diversified away by holding Total Income Real and Calamos Market Neutral in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calamos Market Neutral and Total Income 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 Total Income Real are associated (or correlated) with Calamos Market. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Calamos Market Neutral has no effect on the direction of Total Income i.e., Total Income and Calamos Market go up and down completely randomly.
Pair Corralation between Total Income and Calamos Market
Assuming the 90 days horizon Total Income Real is expected to under-perform the Calamos Market. But the mutual fund apears to be less risky and, when comparing its historical volatility, Total Income Real is 1.96 times less risky than Calamos Market. The mutual fund trades about -0.23 of its potential returns per unit of risk. The Calamos Market Neutral is currently generating about 0.29 of returns per unit of risk over similar time horizon. If you would invest 1,496 in Calamos Market Neutral on September 5, 2024 and sell it today you would earn a total of 10.00 from holding Calamos Market Neutral or generate 0.67% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
Total Income Real vs. Calamos Market Neutral
Performance |
| Timeline |
| Total Income Real |
| Calamos Market Neutral |
Total Income and Calamos Market Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Total Income and Calamos Market
The main advantage of trading using opposite Total Income and Calamos Market positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Total Income position performs unexpectedly, Calamos Market 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 Market will offset losses from the drop in Calamos Market's long position.| Total Income vs. Artisan Thematic Fund | Total Income vs. Growth Strategy Fund | Total Income vs. Scharf Global Opportunity | Total Income vs. Qs Global Equity |
| Calamos Market vs. Innealta Capital Sector | Calamos Market vs. Calamos Antetokounmpo Sustainable | Calamos Market vs. Calamos Opportunistic Value | Calamos Market vs. Calamos Opportunistic Value |
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 Efficient Frontier module to plot and analyze your portfolio and positions against risk-return landscape of the market..
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