Correlation Between Oppenheimer Senior and Calvert Floating
Can any of the company-specific risk be diversified away by investing in both Oppenheimer Senior and Calvert Floating 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 Oppenheimer Senior and Calvert Floating into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Oppenheimer Senior Floating and Calvert Floating Rate Advantage, you can compare the effects of market volatilities on Oppenheimer Senior and Calvert Floating 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 Oppenheimer Senior with a short position of Calvert Floating. Check out your portfolio center. Please also check ongoing floating volatility patterns of Oppenheimer Senior and Calvert Floating.
Diversification Opportunities for Oppenheimer Senior and Calvert Floating
0.91 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Oppenheimer and Calvert is 0.91. Overlapping area represents the amount of risk that can be diversified away by holding Oppenheimer Senior Floating and Calvert Floating Rate Advantag in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calvert Floating Rate and Oppenheimer Senior 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 Oppenheimer Senior Floating are associated (or correlated) with Calvert Floating. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Calvert Floating Rate has no effect on the direction of Oppenheimer Senior i.e., Oppenheimer Senior and Calvert Floating go up and down completely randomly.
Pair Corralation between Oppenheimer Senior and Calvert Floating
Assuming the 90 days horizon Oppenheimer Senior is expected to generate 1.19 times less return on investment than Calvert Floating. In addition to that, Oppenheimer Senior is 1.2 times more volatile than Calvert Floating Rate Advantage. It trades about 0.15 of its total potential returns per unit of risk. Calvert Floating Rate Advantage is currently generating about 0.21 per unit of volatility. If you would invest 858.00 in Calvert Floating Rate Advantage on May 17, 2025 and sell it today you would earn a total of 18.00 from holding Calvert Floating Rate Advantage or generate 2.1% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Strong |
Accuracy | 98.39% |
Values | Daily Returns |
Oppenheimer Senior Floating vs. Calvert Floating Rate Advantag
Performance |
Timeline |
Oppenheimer Senior |
Calvert Floating Rate |
Oppenheimer Senior and Calvert Floating Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Oppenheimer Senior and Calvert Floating
The main advantage of trading using opposite Oppenheimer Senior and Calvert Floating positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Oppenheimer Senior position performs unexpectedly, Calvert Floating 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 Calvert Floating will offset losses from the drop in Calvert Floating's long position.Oppenheimer Senior vs. Nuveen Real Estate | Oppenheimer Senior vs. Principal Real Estate | Oppenheimer Senior vs. Guggenheim Risk Managed | Oppenheimer Senior vs. Baron Real Estate |
Calvert Floating vs. Perkins Small Cap | Calvert Floating vs. American Century Etf | Calvert Floating vs. Applied Finance Explorer | Calvert Floating vs. Palm Valley Capital |
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 Optimization module to compute new portfolio that will generate highest expected return given your specified tolerance for risk.
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