Correlation Between Touchstone Premium and Calamos Opportunistic
Can any of the company-specific risk be diversified away by investing in both Touchstone Premium and Calamos Opportunistic 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 Touchstone Premium and Calamos Opportunistic into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Touchstone Premium Yield and Calamos Opportunistic Value, you can compare the effects of market volatilities on Touchstone Premium and Calamos Opportunistic 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 Touchstone Premium with a short position of Calamos Opportunistic. Check out your portfolio center. Please also check ongoing floating volatility patterns of Touchstone Premium and Calamos Opportunistic.
Diversification Opportunities for Touchstone Premium and Calamos Opportunistic
-0.12 | Correlation Coefficient |
Good diversification
The 3 months correlation between Touchstone and Calamos is -0.12. Overlapping area represents the amount of risk that can be diversified away by holding Touchstone Premium Yield and Calamos Opportunistic Value in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calamos Opportunistic and Touchstone Premium 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 Touchstone Premium Yield are associated (or correlated) with Calamos Opportunistic. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Calamos Opportunistic has no effect on the direction of Touchstone Premium i.e., Touchstone Premium and Calamos Opportunistic go up and down completely randomly.
Pair Corralation between Touchstone Premium and Calamos Opportunistic
Assuming the 90 days horizon Touchstone Premium Yield is expected to under-perform the Calamos Opportunistic. In addition to that, Touchstone Premium is 3.45 times more volatile than Calamos Opportunistic Value. It trades about -0.1 of its total potential returns per unit of risk. Calamos Opportunistic Value is currently generating about 0.32 per unit of volatility. If you would invest 2,269 in Calamos Opportunistic Value on September 19, 2024 and sell it today you would earn a total of 79.00 from holding Calamos Opportunistic Value or generate 3.48% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Touchstone Premium Yield vs. Calamos Opportunistic Value
Performance |
| Timeline |
| Touchstone Premium Yield |
| Calamos Opportunistic |
Touchstone Premium and Calamos Opportunistic Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Touchstone Premium and Calamos Opportunistic
The main advantage of trading using opposite Touchstone Premium and Calamos Opportunistic positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Touchstone Premium position performs unexpectedly, Calamos Opportunistic 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 Opportunistic will offset losses from the drop in Calamos Opportunistic's long position.| Touchstone Premium vs. Touchstone Small Cap | Touchstone Premium vs. Touchstone Sands Capital | Touchstone Premium vs. Mid Cap Growth | Touchstone Premium vs. Mid Cap Growth |
| Calamos Opportunistic vs. Virtus High Yield | Calamos Opportunistic vs. Janus High Yield Fund | Calamos Opportunistic vs. Strategic Advisers Income | Calamos Opportunistic vs. Voya 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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
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