Correlation Between ProShares Ultra and Calamos ETF

Can any of the company-specific risk be diversified away by investing in both ProShares Ultra and Calamos ETF 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 ProShares Ultra and Calamos ETF into the same portfolio, which is an essential part of the fundamental portfolio management process.

By analyzing existing cross correlation between ProShares Ultra Yen and Calamos ETF Trust, you can compare the effects of market volatilities on ProShares Ultra and Calamos ETF 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 ProShares Ultra with a short position of Calamos ETF. Check out your portfolio center. Please also check ongoing floating volatility patterns of ProShares Ultra and Calamos ETF.

Diversification Opportunities for ProShares Ultra and Calamos ETF

-0.51

Correlation Coefficient

ProShares Ultra  Calamos ETF

Excellent diversification

The 3 months correlation between ProShares and Calamos is -0.51. Overlapping area represents the amount of risk that can be diversified away by holding ProShares Ultra Yen and Calamos ETF Trust in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calamos ETF Trust and ProShares Ultra 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 ProShares Ultra Yen are associated (or correlated) with Calamos ETF. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Calamos ETF Trust has no effect on the direction of ProShares Ultra i.e., ProShares Ultra and Calamos ETF go up and down completely randomly.

Pair Corralation between ProShares Ultra and Calamos ETF

Considering the 90-day investment horizon ProShares Ultra Yen is expected to under-perform the Calamos ETF. In addition to that, ProShares Ultra is 11.57 times more volatile than Calamos ETF Trust. It trades about -0.08 of its total potential returns per unit of risk. Calamos ETF Trust is currently generating about 0.29 per unit of volatility. If you would invest  2,619  in Calamos ETF Trust on July 13, 2025 and sell it today you would earn a total of  52.00  from holding Calamos ETF Trust or generate 1.99% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Moves Against
Strength	Very Weak
Accuracy	100.0%
Values	Daily Returns

ProShares Ultra Yen  vs.  Calamos ETF Trust

ProShares Ultra Yen

Risk-Adjusted Performance

Weakest

Over the last 90 days ProShares Ultra Yen has generated negative risk-adjusted returns adding no value to investors with long positions. Despite quite persistent fundamental indicators, ProShares Ultra is not utilizing all of its potentials. The latest stock price mess, may contribute to short-term losses for the institutional investors.

Calamos ETF Trust

Risk-Adjusted Performance

Solid

Compared to the overall equity markets, risk-adjusted returns on investments in Calamos ETF Trust are ranked lower than 22 (%) of all global equities and portfolios over the last 90 days. In spite of comparatively stable basic indicators, Calamos ETF is not utilizing all of its potentials. The latest stock price uproar, may contribute to short-horizon losses for the private investors.

Pair Trading with ProShares Ultra and Calamos ETF

The main advantage of trading using opposite ProShares Ultra and Calamos ETF positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ProShares Ultra position performs unexpectedly, Calamos ETF 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 ETF will offset losses from the drop in Calamos ETF's long position.

The idea behind ProShares Ultra Yen and Calamos ETF Trust 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.

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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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.