Correlation Between Calamos Strategic and Cohen Steers
Can any of the company-specific risk be diversified away by investing in both Calamos Strategic and Cohen Steers 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 Strategic and Cohen Steers into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Calamos Strategic Total and Cohen Steers Qualityome, you can compare the effects of market volatilities on Calamos Strategic and Cohen Steers 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 Strategic with a short position of Cohen Steers. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Strategic and Cohen Steers.
Diversification Opportunities for Calamos Strategic and Cohen Steers
0.12 | Correlation Coefficient |
Average diversification
The 3 months correlation between Calamos and Cohen is 0.12. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Strategic Total and Cohen Steers Qualityome in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cohen Steers Qualityome and Calamos Strategic 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 Strategic Total are associated (or correlated) with Cohen Steers. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cohen Steers Qualityome has no effect on the direction of Calamos Strategic i.e., Calamos Strategic and Cohen Steers go up and down completely randomly.
Pair Corralation between Calamos Strategic and Cohen Steers
Considering the 90-day investment horizon Calamos Strategic Total is expected to under-perform the Cohen Steers. But the fund apears to be less risky and, when comparing its historical volatility, Calamos Strategic Total is 1.01 times less risky than Cohen Steers. The fund trades about -0.09 of its potential returns per unit of risk. The Cohen Steers Qualityome is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 1,201 in Cohen Steers Qualityome on December 27, 2024 and sell it today you would earn a total of 38.00 from holding Cohen Steers Qualityome or generate 3.16% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
Calamos Strategic Total vs. Cohen Steers Qualityome
Performance |
Timeline |
Calamos Strategic Total |
Cohen Steers Qualityome |
Calamos Strategic and Cohen Steers Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Calamos Strategic and Cohen Steers
The main advantage of trading using opposite Calamos Strategic and Cohen Steers positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Strategic position performs unexpectedly, Cohen Steers 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 Cohen Steers will offset losses from the drop in Cohen Steers' long position.Calamos Strategic vs. Calamos Convertible Opportunities | Calamos Strategic vs. Calamos Dynamic Convertible | Calamos Strategic vs. Calamos Global Dynamic | Calamos Strategic vs. Calamos LongShort Equity |
Cohen Steers vs. Cohen And Steers | Cohen Steers vs. Reaves Utility If | Cohen Steers vs. Cohen Steers Total | Cohen Steers vs. Pimco Dynamic Income |
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 Stocks Directory module to find actively traded stocks across global markets.
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