Correlation Between Calamos International and Calamos Antetokounmpo

Specify exactly 2 symbols:
Can any of the company-specific risk be diversified away by investing in both Calamos International 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 Calamos International and Calamos Antetokounmpo into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Calamos International Small and Calamos Antetokounmpo Sustainable, you can compare the effects of market volatilities on Calamos International 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 Calamos International with a short position of Calamos Antetokounmpo. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos International and Calamos Antetokounmpo.

Diversification Opportunities for Calamos International and Calamos Antetokounmpo

-0.04
  Correlation Coefficient

Good diversification

The 3 months correlation between Calamos and Calamos is -0.04. Overlapping area represents the amount of risk that can be diversified away by holding Calamos International Small and Calamos Antetokounmpo Sustaina in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calamos Antetokounmpo and Calamos International 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 International Small 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 Calamos International i.e., Calamos International and Calamos Antetokounmpo go up and down completely randomly.

Pair Corralation between Calamos International and Calamos Antetokounmpo

Assuming the 90 days horizon Calamos International Small is expected to under-perform the Calamos Antetokounmpo. In addition to that, Calamos International is 1.22 times more volatile than Calamos Antetokounmpo Sustainable. It trades about -0.02 of its total potential returns per unit of risk. Calamos Antetokounmpo Sustainable is currently generating about 0.13 per unit of volatility. If you would invest  1,235  in Calamos Antetokounmpo Sustainable on September 5, 2024 and sell it today you would earn a total of  67.00  from holding Calamos Antetokounmpo Sustainable or generate 5.43% return on investment over 90 days.
Time Period3 Months [change]
DirectionMoves Against 
StrengthInsignificant
Accuracy98.44%
ValuesDaily Returns

Calamos International Small  vs.  Calamos Antetokounmpo Sustaina

 Performance 
       Timeline  
Calamos International 

Risk-Adjusted Performance

0 of 100

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

Risk-Adjusted Performance

10 of 100

 
Weak
 
Strong
OK
Compared to the overall equity markets, risk-adjusted returns on investments in Calamos Antetokounmpo Sustainable are ranked lower than 10 (%) of all funds and portfolios of funds over the last 90 days. In spite of fairly strong forward indicators, Calamos Antetokounmpo is not utilizing all of its potentials. The current stock price disturbance, may contribute to short-term losses for the investors.

Calamos International and Calamos Antetokounmpo Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with Calamos International and Calamos Antetokounmpo

The main advantage of trading using opposite Calamos International and Calamos Antetokounmpo positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos International 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.
The idea behind Calamos International Small and Calamos Antetokounmpo Sustainable 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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.

Other Complementary Tools

Bollinger Bands
Use Bollinger Bands indicator to analyze target price for a given investing horizon
Funds Screener
Find actively-traded funds from around the world traded on over 30 global exchanges
Portfolio Rebalancing
Analyze risk-adjusted returns against different time horizons to find asset-allocation targets
My Watchlist Analysis
Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like
Pair Correlation
Compare performance and examine fundamental relationship between any two equity instruments