Correlation Between Calamos Market and Columbia Pyrford
Can any of the company-specific risk be diversified away by investing in both Calamos Market and Columbia Pyrford 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 Market and Columbia Pyrford into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Calamos Market Neutral and Columbia Pyrford International, you can compare the effects of market volatilities on Calamos Market and Columbia Pyrford 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 Market with a short position of Columbia Pyrford. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Market and Columbia Pyrford.
Diversification Opportunities for Calamos Market and Columbia Pyrford
-0.76 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Calamos and Columbia is -0.76. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Market Neutral and Columbia Pyrford International in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Columbia Pyrford Int and Calamos 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 Calamos Market Neutral are associated (or correlated) with Columbia Pyrford. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Columbia Pyrford Int has no effect on the direction of Calamos Market i.e., Calamos Market and Columbia Pyrford go up and down completely randomly.
Pair Corralation between Calamos Market and Columbia Pyrford
Assuming the 90 days horizon Calamos Market Neutral is expected to generate 0.15 times more return on investment than Columbia Pyrford. However, Calamos Market Neutral is 6.63 times less risky than Columbia Pyrford. It trades about 0.3 of its potential returns per unit of risk. Columbia Pyrford International is currently generating about -0.11 per unit of risk. If you would invest 1,480 in Calamos Market Neutral on September 12, 2024 and sell it today you would earn a total of 27.00 from holding Calamos Market Neutral or generate 1.82% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Weak |
Accuracy | 100.0% |
Values | Daily Returns |
Calamos Market Neutral vs. Columbia Pyrford International
Performance |
Timeline |
Calamos Market Neutral |
Columbia Pyrford Int |
Calamos Market and Columbia Pyrford Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Calamos Market and Columbia Pyrford
The main advantage of trading using opposite Calamos Market and Columbia Pyrford positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Market position performs unexpectedly, Columbia Pyrford 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 Columbia Pyrford will offset losses from the drop in Columbia Pyrford's long position.Calamos Market vs. Prudential Health Sciences | Calamos Market vs. Health Biotchnology Portfolio | Calamos Market vs. Blackrock Health Sciences | Calamos Market vs. Tekla Healthcare Opportunities |
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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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
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