Correlation Between Calamos ETF and Direxion Shares
Can any of the company-specific risk be diversified away by investing in both Calamos ETF and Direxion Shares 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 ETF and Direxion Shares into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Calamos ETF Trust and Direxion Shares ETF, you can compare the effects of market volatilities on Calamos ETF and Direxion Shares 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 ETF with a short position of Direxion Shares. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos ETF and Direxion Shares.
Diversification Opportunities for Calamos ETF and Direxion Shares
-0.91 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Calamos and Direxion is -0.91. Overlapping area represents the amount of risk that can be diversified away by holding Calamos ETF Trust and Direxion Shares ETF in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Direxion Shares ETF and Calamos ETF 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 ETF Trust are associated (or correlated) with Direxion Shares. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Direxion Shares ETF has no effect on the direction of Calamos ETF i.e., Calamos ETF and Direxion Shares go up and down completely randomly.
Pair Corralation between Calamos ETF and Direxion Shares
Given the investment horizon of 90 days Calamos ETF Trust is expected to generate 0.04 times more return on investment than Direxion Shares. However, Calamos ETF Trust is 26.09 times less risky than Direxion Shares. It trades about 0.12 of its potential returns per unit of risk. Direxion Shares ETF is currently generating about -0.09 per unit of risk. If you would invest 2,668 in Calamos ETF Trust on July 17, 2025 and sell it today you would earn a total of 9.00 from holding Calamos ETF Trust or generate 0.34% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Calamos ETF Trust vs. Direxion Shares ETF
Performance |
| Timeline |
| Calamos ETF Trust |
| Direxion Shares ETF |
Calamos ETF and Direxion Shares Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos ETF and Direxion Shares
The main advantage of trading using opposite Calamos ETF and Direxion Shares positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos ETF position performs unexpectedly, Direxion Shares 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 Direxion Shares will offset losses from the drop in Direxion Shares' long position.| Calamos ETF vs. FT Vest Equity | Calamos ETF vs. Northern Lights | Calamos ETF vs. Dimensional International High | Calamos ETF vs. JPMorgan Fundamental Data |
| Direxion Shares vs. ProShares Short SP500 | Direxion Shares vs. ProShares Short QQQ | Direxion Shares vs. ProShares UltraPro Short | Direxion Shares vs. ProShares UltraShort SP500 |
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 Pair Correlation module to compare performance and examine fundamental relationship between any two equity instruments.
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