Correlation Between US Treasury and Calamos Antetokounmpo
Can any of the company-specific risk be diversified away by investing in both US Treasury 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 US Treasury and Calamos Antetokounmpo into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between US Treasury 20 and Calamos Antetokounmpo Global, you can compare the effects of market volatilities on US Treasury 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 US Treasury with a short position of Calamos Antetokounmpo. Check out your portfolio center. Please also check ongoing floating volatility patterns of US Treasury and Calamos Antetokounmpo.
Diversification Opportunities for US Treasury and Calamos Antetokounmpo
0.09 | Correlation Coefficient |
Significant diversification
The 3 months correlation between UTWY and Calamos is 0.09. Overlapping area represents the amount of risk that can be diversified away by holding US Treasury 20 and Calamos Antetokounmpo Global in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calamos Antetokounmpo and US Treasury 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 US Treasury 20 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 US Treasury i.e., US Treasury and Calamos Antetokounmpo go up and down completely randomly.
Pair Corralation between US Treasury and Calamos Antetokounmpo
Given the investment horizon of 90 days US Treasury 20 is expected to under-perform the Calamos Antetokounmpo. In addition to that, US Treasury is 1.11 times more volatile than Calamos Antetokounmpo Global. It trades about -0.03 of its total potential returns per unit of risk. Calamos Antetokounmpo Global is currently generating about 0.06 per unit of volatility. If you would invest 2,442 in Calamos Antetokounmpo Global on August 26, 2024 and sell it today you would earn a total of 522.00 from holding Calamos Antetokounmpo Global or generate 21.38% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 92.53% |
| Values | Daily Returns |
US Treasury 20 vs. Calamos Antetokounmpo Global
Performance |
| Timeline |
| US Treasury 20 |
| Calamos Antetokounmpo |
US Treasury and Calamos Antetokounmpo Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with US Treasury and Calamos Antetokounmpo
The main advantage of trading using opposite US Treasury and Calamos Antetokounmpo positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if US Treasury 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.| US Treasury vs. US Treasury 30 | US Treasury vs. US Treasury 5 | US Treasury vs. US Treasury 7 | US Treasury vs. US Treasury 3 |
| Calamos Antetokounmpo vs. iShares MSCI Emerging | Calamos Antetokounmpo vs. BMO Long Federal | Calamos Antetokounmpo vs. iShares MSCI EAFE | Calamos Antetokounmpo vs. Vanguard Total Market |
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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
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