Correlation Between SPDR FTSE and Calamos ETF
Can any of the company-specific risk be diversified away by investing in both SPDR FTSE and Calamos ETF 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 SPDR FTSE and Calamos ETF into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between SPDR FTSE International and Calamos ETF Trust, you can compare the effects of market volatilities on SPDR FTSE and Calamos ETF 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 SPDR FTSE with a short position of Calamos ETF. Check out your portfolio center. Please also check ongoing floating volatility patterns of SPDR FTSE and Calamos ETF.
Diversification Opportunities for SPDR FTSE and Calamos ETF
-0.32 | Correlation Coefficient |
Very good diversification
The 3 months correlation between SPDR and Calamos is -0.32. Overlapping area represents the amount of risk that can be diversified away by holding SPDR FTSE International and Calamos ETF Trust in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calamos ETF Trust and SPDR FTSE 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 SPDR FTSE International are associated (or correlated) with Calamos ETF. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Calamos ETF Trust has no effect on the direction of SPDR FTSE i.e., SPDR FTSE and Calamos ETF go up and down completely randomly.
Pair Corralation between SPDR FTSE and Calamos ETF
Considering the 90-day investment horizon SPDR FTSE International is expected to generate 0.06 times more return on investment than Calamos ETF. However, SPDR FTSE International is 17.76 times less risky than Calamos ETF. It trades about 0.17 of its potential returns per unit of risk. Calamos ETF Trust is currently generating about -0.29 per unit of risk. If you would invest 3,702 in SPDR FTSE International on December 16, 2024 and sell it today you would earn a total of 67.00 from holding SPDR FTSE International or generate 1.81% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
SPDR FTSE International vs. Calamos ETF Trust
Performance |
| Timeline |
| SPDR FTSE International |
| Calamos ETF Trust |
SPDR FTSE and Calamos ETF Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SPDR FTSE and Calamos ETF
The main advantage of trading using opposite SPDR FTSE and Calamos ETF positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SPDR FTSE position performs unexpectedly, Calamos ETF 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 ETF will offset losses from the drop in Calamos ETF's long position.| SPDR FTSE vs. FT Vest Equity | ||
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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.
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