Correlation Between Mattel and Calamos Opportunistic
Can any of the company-specific risk be diversified away by investing in both Mattel 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 Mattel and Calamos Opportunistic into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Mattel Inc and Calamos Opportunistic Value, you can compare the effects of market volatilities on Mattel 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 Mattel with a short position of Calamos Opportunistic. Check out your portfolio center. Please also check ongoing floating volatility patterns of Mattel and Calamos Opportunistic.
Diversification Opportunities for Mattel and Calamos Opportunistic
0.82 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Mattel and Calamos is 0.82. Overlapping area represents the amount of risk that can be diversified away by holding Mattel Inc and Calamos Opportunistic Value in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calamos Opportunistic and Mattel 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 Mattel Inc 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 Mattel i.e., Mattel and Calamos Opportunistic go up and down completely randomly.
Pair Corralation between Mattel and Calamos Opportunistic
Considering the 90-day investment horizon Mattel Inc is expected to under-perform the Calamos Opportunistic. In addition to that, Mattel is 1.67 times more volatile than Calamos Opportunistic Value. It trades about -0.11 of its total potential returns per unit of risk. Calamos Opportunistic Value is currently generating about 0.03 per unit of volatility. If you would invest 1,938 in Calamos Opportunistic Value on January 20, 2024 and sell it today you would earn a total of 14.00 from holding Calamos Opportunistic Value or generate 0.72% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Mattel Inc vs. Calamos Opportunistic Value
Performance |
| Timeline |
| Mattel Inc |
| Calamos Opportunistic |
Mattel and Calamos Opportunistic Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Mattel and Calamos Opportunistic
The main advantage of trading using opposite Mattel and Calamos Opportunistic positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Mattel 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.| Mattel vs. Thor Industries | Mattel vs. EZGO Technologies | Mattel vs. LCI Industries | Mattel vs. Winnebago Industries |
| 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 Anywhere module to track or share privately all of your investments from the convenience of any device.
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