Correlation Between Legg Mason and Calamos Opportunistic
Can any of the company-specific risk be diversified away by investing in both Legg Mason and Calamos Opportunistic 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 Legg Mason and Calamos Opportunistic into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Legg Mason and Calamos Opportunistic Value, you can compare the effects of market volatilities on Legg Mason and Calamos Opportunistic 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 Legg Mason with a short position of Calamos Opportunistic. Check out your portfolio center. Please also check ongoing floating volatility patterns of Legg Mason and Calamos Opportunistic.
Diversification Opportunities for Legg Mason and Calamos Opportunistic
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Legg and Calamos is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Legg Mason and Calamos Opportunistic Value in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calamos Opportunistic and Legg Mason 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 Legg Mason are associated (or correlated) with Calamos Opportunistic. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Calamos Opportunistic has no effect on the direction of Legg Mason i.e., Legg Mason and Calamos Opportunistic go up and down completely randomly.
Pair Corralation between Legg Mason and Calamos Opportunistic
If you would invest (100.00) in Legg Mason on January 20, 2024 and sell it today you would earn a total of 100.00 from holding Legg Mason or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Legg Mason vs. Calamos Opportunistic Value
Performance |
| Timeline |
| Legg Mason |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Calamos Opportunistic |
Legg Mason and Calamos Opportunistic Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Legg Mason and Calamos Opportunistic
The main advantage of trading using opposite Legg Mason and Calamos Opportunistic positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Legg Mason position performs unexpectedly, Calamos Opportunistic 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 Opportunistic will offset losses from the drop in Calamos Opportunistic's long position.| Legg Mason vs. Definitive Healthcare Corp | Legg Mason vs. Jutal Offshore Oil | Legg Mason vs. Grow Solutions Holdings | Legg Mason vs. Tower Semiconductor |
| Calamos Opportunistic vs. Calamos Opportunistic Value | Calamos Opportunistic vs. Calamos Growth Fund | Calamos Opportunistic vs. Calamos Growth Fund | Calamos Opportunistic vs. Calamos Global Growth |
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 Portfolio Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
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