Correlation Between Calamos Opportunistic and ATT

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Can any of the company-specific risk be diversified away by investing in both Calamos Opportunistic and ATT 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 Opportunistic and ATT into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Calamos Opportunistic Value and ATT Inc, you can compare the effects of market volatilities on Calamos Opportunistic and ATT 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 Opportunistic with a short position of ATT. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Opportunistic and ATT.

Diversification Opportunities for Calamos Opportunistic and ATT

0.4
  Correlation Coefficient

Very weak diversification

The 3 months correlation between Calamos and ATT is 0.4. Overlapping area represents the amount of risk that can be diversified away by holding CALAMOS OPPORTUNISTIC VALUE and ATT Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ATT Inc and Calamos Opportunistic 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 Opportunistic Value are associated (or correlated) with ATT. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ATT Inc has no effect on the direction of Calamos Opportunistic i.e., Calamos Opportunistic and ATT go up and down completely randomly.

Pair Corralation between Calamos Opportunistic and ATT

Assuming the 90 days horizon Calamos Opportunistic is expected to generate 2.4 times less return on investment than ATT. But when comparing it to its historical volatility, Calamos Opportunistic Value is 1.54 times less risky than ATT. It trades about 0.13 of its potential returns per unit of risk. ATT Inc is currently generating about 0.21 of returns per unit of risk over similar time horizon. If you would invest  1,683  in ATT Inc on December 29, 2023 and sell it today you would earn a total of  72.00  from holding ATT Inc or generate 4.28% return on investment over 90 days.
Time Period3 Months [change]
DirectionMoves Together 
StrengthWeak
Accuracy100.0%
ValuesDaily Returns

CALAMOS OPPORTUNISTIC VALUE  vs.  ATT Inc

 Performance 
       Timeline  
Calamos Opportunistic 

Risk-Adjusted Performance

16 of 100

 
Low
 
High
Solid
Compared to the overall equity markets, risk-adjusted returns on investments in Calamos Opportunistic Value are ranked lower than 16 (%) of all funds and portfolios of funds over the last 90 days. In spite of fairly weak basic indicators, Calamos Opportunistic may actually be approaching a critical reversion point that can send shares even higher in April 2024.
ATT Inc 

Risk-Adjusted Performance

6 of 100

 
Low
 
High
Insignificant
Compared to the overall equity markets, risk-adjusted returns on investments in ATT Inc are ranked lower than 6 (%) of all global equities and portfolios over the last 90 days. In spite of comparatively unfluctuating basic indicators, ATT may actually be approaching a critical reversion point that can send shares even higher in April 2024.

Calamos Opportunistic and ATT Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with Calamos Opportunistic and ATT

The main advantage of trading using opposite Calamos Opportunistic and ATT positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Opportunistic position performs unexpectedly, ATT 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 ATT will offset losses from the drop in ATT's long position.
The idea behind Calamos Opportunistic Value and ATT Inc 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.
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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.

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