Correlation Between Calamos Global and Nomura Real
Can any of the company-specific risk be diversified away by investing in both Calamos Global and Nomura Real 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 Global and Nomura Real into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Calamos Global Equity and Nomura Real Estate, you can compare the effects of market volatilities on Calamos Global and Nomura Real 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 Global with a short position of Nomura Real. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Global and Nomura Real.
Diversification Opportunities for Calamos Global and Nomura Real
-0.67 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Calamos and Nomura is -0.67. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Global Equity and Nomura Real Estate in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nomura Real Estate and Calamos 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 Calamos Global Equity are associated (or correlated) with Nomura Real. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nomura Real Estate has no effect on the direction of Calamos Global i.e., Calamos Global and Nomura Real go up and down completely randomly.
Pair Corralation between Calamos Global and Nomura Real
Assuming the 90 days horizon Calamos Global Equity is expected to generate 1.12 times more return on investment than Nomura Real. However, Calamos Global is 1.12 times more volatile than Nomura Real Estate. It trades about 0.02 of its potential returns per unit of risk. Nomura Real Estate is currently generating about -0.13 per unit of risk. If you would invest 1,918 in Calamos Global Equity on September 25, 2024 and sell it today you would earn a total of 11.00 from holding Calamos Global Equity or generate 0.57% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Weak |
Accuracy | 100.0% |
Values | Daily Returns |
Calamos Global Equity vs. Nomura Real Estate
Performance |
Timeline |
Calamos Global Equity |
Nomura Real Estate |
Calamos Global and Nomura Real Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Calamos Global and Nomura Real
The main advantage of trading using opposite Calamos Global and Nomura Real positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Global position performs unexpectedly, Nomura Real 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 Nomura Real will offset losses from the drop in Nomura Real's long position.Calamos Global vs. Praxis Growth Index | Calamos Global vs. Qs Moderate Growth | Calamos Global vs. Champlain Mid Cap | Calamos Global vs. Mid Cap Growth |
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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 Commodity Directory module to find actively traded commodities issued by global exchanges.
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