Correlation Between Calamos Global and Nasdaq 100

Can any of the company-specific risk be diversified away by investing in both Calamos Global and Nasdaq 100 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 Calamos Global and Nasdaq 100 into the same portfolio, which is an essential part of the fundamental portfolio management process.

By analyzing existing cross correlation between Calamos Global Equity and Nasdaq 100 Fund Investor, you can compare the effects of market volatilities on Calamos Global and Nasdaq 100 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 Calamos Global with a short position of Nasdaq 100. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Global and Nasdaq 100.

Diversification Opportunities for Calamos Global and Nasdaq 100

0.0

Correlation Coefficient

Calamos Global  Nasdaq 100

Pay attention - limited upside

The 3 months correlation between Calamos and Nasdaq is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Global Equity and Nasdaq 100 Fund Investor in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nasdaq 100 Fund and Calamos Global 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 Calamos Global Equity are associated (or correlated) with Nasdaq 100. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nasdaq 100 Fund has no effect on the direction of Calamos Global i.e., Calamos Global and Nasdaq 100 go up and down completely randomly.

Pair Corralation between Calamos Global and Nasdaq 100

If you would invest (100.00) in Calamos Global Equity on December 31, 2024 and sell it today you would earn a total of  100.00  from holding Calamos Global Equity or generate -100.0% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Flat
Strength	Insignificant
Accuracy	0.0%
Values	Daily Returns

Calamos Global Equity  vs.  Nasdaq 100 Fund Investor

Calamos Global Equity

Risk-Adjusted Performance

Very Weak

Over the last 90 days Calamos Global Equity has generated negative risk-adjusted returns adding no value to fund investors. In spite of fairly strong basic indicators, Calamos Global is not utilizing all of its potentials. The current stock price disturbance, may contribute to short-term losses for the investors.

Nasdaq 100 Fund

Risk-Adjusted Performance

Very Weak

Over the last 90 days Nasdaq 100 Fund Investor has generated negative risk-adjusted returns adding no value to fund investors. In spite of latest weak performance, the Fund's fundamental indicators remain strong and the current disturbance on Wall Street may also be a sign of long term gains for the fund investors.

Pair Trading with Calamos Global and Nasdaq 100

The main advantage of trading using opposite Calamos Global and Nasdaq 100 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Global position performs unexpectedly, Nasdaq 100 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 Nasdaq 100 will offset losses from the drop in Nasdaq 100's long position.

The idea behind Calamos Global Equity and Nasdaq 100 Fund Investor pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.

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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.