Correlation Between Pgim Global and Calamos LongShort
Can any of the company-specific risk be diversified away by investing in both Pgim Global and Calamos LongShort 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 Pgim Global and Calamos LongShort into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Pgim Global High and Calamos LongShort Equity, you can compare the effects of market volatilities on Pgim Global and Calamos LongShort 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 Pgim Global with a short position of Calamos LongShort. Check out your portfolio center. Please also check ongoing floating volatility patterns of Pgim Global and Calamos LongShort.
Diversification Opportunities for Pgim Global and Calamos LongShort
0.68 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Pgim and Calamos is 0.68. Overlapping area represents the amount of risk that can be diversified away by holding Pgim Global High and Calamos LongShort Equity in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calamos LongShort Equity and Pgim 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 Pgim Global High are associated (or correlated) with Calamos LongShort. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Calamos LongShort Equity has no effect on the direction of Pgim Global i.e., Pgim Global and Calamos LongShort go up and down completely randomly.
Pair Corralation between Pgim Global and Calamos LongShort
Considering the 90-day investment horizon Pgim Global High is expected to generate 1.09 times more return on investment than Calamos LongShort. However, Pgim Global is 1.09 times more volatile than Calamos LongShort Equity. It trades about 0.16 of its potential returns per unit of risk. Calamos LongShort Equity is currently generating about 0.12 per unit of risk. If you would invest 1,320 in Pgim Global High on December 26, 2024 and sell it today you would earn a total of 33.00 from holding Pgim Global High or generate 2.5% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Significant |
Accuracy | 100.0% |
Values | Daily Returns |
Pgim Global High vs. Calamos LongShort Equity
Performance |
Timeline |
Pgim Global High |
Calamos LongShort Equity |
Pgim Global and Calamos LongShort Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Pgim Global and Calamos LongShort
The main advantage of trading using opposite Pgim Global and Calamos LongShort positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Pgim Global position performs unexpectedly, Calamos LongShort 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 LongShort will offset losses from the drop in Calamos LongShort's long position.Pgim Global vs. Calamos LongShort Equity | Pgim Global vs. Virtus Global Multi | Pgim Global vs. Western Asset Diversified | Pgim Global vs. Munivest Fund |
Calamos LongShort vs. Calamos Convertible Opportunities | Calamos LongShort vs. Calamos Convertible And | Calamos LongShort vs. Calamos Strategic Total | Calamos LongShort vs. Calamos Dynamic Convertible |
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.
Other Complementary Tools
Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators | |
Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes | |
Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings | |
Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios |