Correlation Between Calamos Bitcoin and ProShares
Can any of the company-specific risk be diversified away by investing in both Calamos Bitcoin and ProShares 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 Calamos Bitcoin and ProShares into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Calamos Bitcoin 80 and ProShares SP 500, you can compare the effects of market volatilities on Calamos Bitcoin and ProShares 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 Calamos Bitcoin with a short position of ProShares. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Bitcoin and ProShares.
Diversification Opportunities for Calamos Bitcoin and ProShares
0.58 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Calamos and ProShares is 0.58. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Bitcoin 80 and ProShares SP 500 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ProShares SP 500 and Calamos Bitcoin 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 Calamos Bitcoin 80 are associated (or correlated) with ProShares. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ProShares SP 500 has no effect on the direction of Calamos Bitcoin i.e., Calamos Bitcoin and ProShares go up and down completely randomly.
Pair Corralation between Calamos Bitcoin and ProShares
Given the investment horizon of 90 days Calamos Bitcoin 80 is expected to generate 0.82 times more return on investment than ProShares. However, Calamos Bitcoin 80 is 1.22 times less risky than ProShares. It trades about 0.16 of its potential returns per unit of risk. ProShares SP 500 is currently generating about 0.02 per unit of risk. If you would invest 2,334 in Calamos Bitcoin 80 on March 21, 2025 and sell it today you would earn a total of 301.00 from holding Calamos Bitcoin 80 or generate 12.9% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Calamos Bitcoin 80 vs. ProShares SP 500
Performance |
| Timeline |
| Calamos Bitcoin 80 |
| ProShares SP 500 |
Calamos Bitcoin and ProShares Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Bitcoin and ProShares
The main advantage of trading using opposite Calamos Bitcoin and ProShares positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Bitcoin position performs unexpectedly, ProShares 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 ProShares will offset losses from the drop in ProShares' long position.| Calamos Bitcoin vs. Vanguard Total Stock | Calamos Bitcoin vs. SPDR SP 500 | Calamos Bitcoin vs. iShares Core SP | Calamos Bitcoin vs. Vanguard Total Bond |
| ProShares vs. Global X Funds | ProShares vs. Global X SP | ProShares vs. Global X Russell | ProShares vs. Global X Nasdaq |
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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