Correlation Between Astor Longshort and Calamos Long/short
Can any of the company-specific risk be diversified away by investing in both Astor Longshort and Calamos Long/short 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 Astor Longshort and Calamos Long/short into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Astor Longshort Fund and Calamos Longshort Fund, you can compare the effects of market volatilities on Astor Longshort and Calamos Long/short 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 Astor Longshort with a short position of Calamos Long/short. Check out your portfolio center. Please also check ongoing floating volatility patterns of Astor Longshort and Calamos Long/short.
Diversification Opportunities for Astor Longshort and Calamos Long/short
0.94 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Astor and Calamos is 0.94. Overlapping area represents the amount of risk that can be diversified away by holding Astor Longshort Fund and Calamos Longshort Fund in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calamos Long/short and Astor Longshort 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 Astor Longshort Fund are associated (or correlated) with Calamos Long/short. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Calamos Long/short has no effect on the direction of Astor Longshort i.e., Astor Longshort and Calamos Long/short go up and down completely randomly.
Pair Corralation between Astor Longshort and Calamos Long/short
Assuming the 90 days horizon Astor Longshort is expected to generate 1.06 times less return on investment than Calamos Long/short. But when comparing it to its historical volatility, Astor Longshort Fund is 2.28 times less risky than Calamos Long/short. It trades about 0.25 of its potential returns per unit of risk. Calamos Longshort Fund is currently generating about 0.11 of returns per unit of risk over similar time horizon. If you would invest 1,061 in Calamos Longshort Fund on May 26, 2025 and sell it today you would earn a total of 58.00 from holding Calamos Longshort Fund or generate 5.47% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Astor Longshort Fund vs. Calamos Longshort Fund
Performance |
| Timeline |
| Astor Longshort |
| Calamos Long/short |
Astor Longshort and Calamos Long/short Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Astor Longshort and Calamos Long/short
The main advantage of trading using opposite Astor Longshort and Calamos Long/short positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Astor Longshort position performs unexpectedly, Calamos Long/short 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 Long/short will offset losses from the drop in Calamos Long/short's long position.| Astor Longshort vs. Schwab Small Cap Index | Astor Longshort vs. Madison Diversified Income | Astor Longshort vs. Jpmorgan Diversified Fund | Astor Longshort vs. Columbia Diversified Equity |
| Calamos Long/short vs. Profunds Money | Calamos Long/short vs. Fidelity Money Market | Calamos Long/short vs. Putnam Money Market | Calamos Long/short vs. Elfun Government Money |
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 Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
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