Correlation Between Calamos ETF and CN

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

By analyzing existing cross correlation between Calamos ETF Trust and CN, you can compare the effects of market volatilities on Calamos ETF and CN 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 ETF with a short position of CN. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos ETF and CN.

Diversification Opportunities for Calamos ETF and CN

0.0

Correlation Coefficient

Calamos ETF  CN

Pay attention - limited upside

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

Pair Corralation between Calamos ETF and CN

If you would invest (100.00) in CN on December 28, 2024 and sell it today you would earn a total of  100.00  from holding CN 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 ETF Trust  vs.  CN

Calamos ETF Trust

Risk-Adjusted Performance

Very Weak

Over the last 90 days Calamos ETF Trust has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of comparatively stable basic indicators, Calamos ETF is not utilizing all of its potentials. The current stock price uproar, may contribute to short-horizon losses for the private investors.

CN

Risk-Adjusted Performance

Very Weak

Over the last 90 days CN has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of very healthy basic indicators, CN is not utilizing all of its potentials. The current stock price disarray, may contribute to short-term losses for the investors.

Pair Trading with Calamos ETF and CN

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

The idea behind Calamos ETF Trust and CN 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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.