Correlation Between Nasdaq-100 Fund and Calamos Antetokounmpo
Can any of the company-specific risk be diversified away by investing in both Nasdaq-100 Fund 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 Nasdaq-100 Fund and Calamos Antetokounmpo into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Nasdaq 100 Fund Class and Calamos Antetokounmpo Sustainable, you can compare the effects of market volatilities on Nasdaq-100 Fund 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 Nasdaq-100 Fund with a short position of Calamos Antetokounmpo. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nasdaq-100 Fund and Calamos Antetokounmpo.
Diversification Opportunities for Nasdaq-100 Fund and Calamos Antetokounmpo
0.67 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Nasdaq-100 and Calamos is 0.67. Overlapping area represents the amount of risk that can be diversified away by holding Nasdaq 100 Fund Class and Calamos Antetokounmpo Sustaina in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calamos Antetokounmpo and Nasdaq-100 Fund 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 Nasdaq 100 Fund Class 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 Nasdaq-100 Fund i.e., Nasdaq-100 Fund and Calamos Antetokounmpo go up and down completely randomly.
Pair Corralation between Nasdaq-100 Fund and Calamos Antetokounmpo
Assuming the 90 days horizon Nasdaq 100 Fund Class is expected to generate 1.59 times more return on investment than Calamos Antetokounmpo. However, Nasdaq-100 Fund is 1.59 times more volatile than Calamos Antetokounmpo Sustainable. It trades about 0.09 of its potential returns per unit of risk. Calamos Antetokounmpo Sustainable is currently generating about 0.09 per unit of risk. If you would invest 4,488 in Nasdaq 100 Fund Class on December 2, 2024 and sell it today you would earn a total of 2,697 from holding Nasdaq 100 Fund Class or generate 60.09% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Significant |
Accuracy | 100.0% |
Values | Daily Returns |
Nasdaq 100 Fund Class vs. Calamos Antetokounmpo Sustaina
Performance |
Timeline |
Nasdaq 100 Fund |
Calamos Antetokounmpo |
Nasdaq-100 Fund and Calamos Antetokounmpo Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Nasdaq-100 Fund and Calamos Antetokounmpo
The main advantage of trading using opposite Nasdaq-100 Fund and Calamos Antetokounmpo positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nasdaq-100 Fund 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.Nasdaq-100 Fund vs. Nasdaq 100 Fund Class | Nasdaq-100 Fund vs. Nasdaq 100 Fund Class | Nasdaq-100 Fund vs. Nasdaq 100 2x Strategy | Nasdaq-100 Fund vs. Dow 2x Strategy |
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 Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
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