Correlation Between Extended Market and Calamos Antetokounmpo
Can any of the company-specific risk be diversified away by investing in both Extended Market 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 Extended Market and Calamos Antetokounmpo into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Extended Market Index and Calamos Antetokounmpo Sustainable, you can compare the effects of market volatilities on Extended Market 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 Extended Market with a short position of Calamos Antetokounmpo. Check out your portfolio center. Please also check ongoing floating volatility patterns of Extended Market and Calamos Antetokounmpo.
Diversification Opportunities for Extended Market and Calamos Antetokounmpo
0.74 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Extended and Calamos is 0.74. Overlapping area represents the amount of risk that can be diversified away by holding Extended Market Index and Calamos Antetokounmpo Sustaina in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calamos Antetokounmpo and Extended Market 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 Extended Market Index 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 Extended Market i.e., Extended Market and Calamos Antetokounmpo go up and down completely randomly.
Pair Corralation between Extended Market and Calamos Antetokounmpo
Assuming the 90 days horizon Extended Market Index is expected to generate 1.53 times more return on investment than Calamos Antetokounmpo. However, Extended Market is 1.53 times more volatile than Calamos Antetokounmpo Sustainable. It trades about 0.07 of its potential returns per unit of risk. Calamos Antetokounmpo Sustainable is currently generating about 0.09 per unit of risk. If you would invest 1,699 in Extended Market Index on September 14, 2024 and sell it today you would earn a total of 761.00 from holding Extended Market Index or generate 44.79% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 94.53% |
| Values | Daily Returns |
Extended Market Index vs. Calamos Antetokounmpo Sustaina
Performance |
| Timeline |
| Extended Market Index |
| Calamos Antetokounmpo |
Extended Market and Calamos Antetokounmpo Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Extended Market and Calamos Antetokounmpo
The main advantage of trading using opposite Extended Market and Calamos Antetokounmpo positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Extended Market 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.| Extended Market vs. Income Fund Income | Extended Market vs. Usaa Nasdaq 100 | Extended Market vs. Victory Diversified Stock | Extended Market vs. Intermediate Term Bond 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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
Other Complementary Tools
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
| Correlation Analysis Reduce portfolio risk simply by holding instruments which are not perfectly correlated | |
| Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios | |
| Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio | |
| Global Correlations Find global opportunities by holding instruments from different markets |