Correlation Between Calamos Antetokounmpo and US Treasury

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

By analyzing existing cross correlation between Calamos Antetokounmpo Global and US Treasury 20, you can compare the effects of market volatilities on Calamos Antetokounmpo and US Treasury 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 Antetokounmpo with a short position of US Treasury. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Antetokounmpo and US Treasury.

Diversification Opportunities for Calamos Antetokounmpo and US Treasury

0.13

Correlation Coefficient

Calamos Antetokounmpo  US Treasury

Average diversification

The 3 months correlation between Calamos and UTWY is 0.13. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Antetokounmpo Global and US Treasury 20 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on US Treasury 20 and Calamos Antetokounmpo 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 Antetokounmpo Global are associated (or correlated) with US Treasury. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of US Treasury 20 has no effect on the direction of Calamos Antetokounmpo i.e., Calamos Antetokounmpo and US Treasury go up and down completely randomly.

Pair Corralation between Calamos Antetokounmpo and US Treasury

Given the investment horizon of 90 days Calamos Antetokounmpo is expected to generate 10.39 times less return on investment than US Treasury. In addition to that, Calamos Antetokounmpo is 1.4 times more volatile than US Treasury 20. It trades about 0.01 of its total potential returns per unit of risk. US Treasury 20 is currently generating about 0.08 per unit of volatility. If you would invest  4,283  in US Treasury 20 on December 27, 2024 and sell it today you would earn a total of  133.00  from holding US Treasury 20 or generate 3.11% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Moves Together
Strength	Insignificant
Accuracy	100.0%
Values	Daily Returns

Calamos Antetokounmpo Global  vs.  US Treasury 20

Calamos Antetokounmpo

Risk-Adjusted Performance

Very Weak

Over the last 90 days Calamos Antetokounmpo Global has generated negative risk-adjusted returns adding no value to investors with long positions. Despite fairly strong basic indicators, Calamos Antetokounmpo is not utilizing all of its potentials. The current stock price confusion, may contribute to short-horizon losses for the traders.

US Treasury 20

Risk-Adjusted Performance

Modest

Compared to the overall equity markets, risk-adjusted returns on investments in US Treasury 20 are ranked lower than 6 (%) of all global equities and portfolios over the last 90 days. In spite of fairly strong basic indicators, US Treasury is not utilizing all of its potentials. The current stock price disturbance, may contribute to short-term losses for the investors.

Pair Trading with Calamos Antetokounmpo and US Treasury

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

The idea behind Calamos Antetokounmpo Global and US Treasury 20 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.

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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 Bollinger Bands module to use Bollinger Bands indicator to analyze target price for a given investing horizon.