Calamos Evolving Correlations

CNWDX Fund

USD 17.29 0.18 1.05%

The current 90-days correlation between Calamos Evolving World and Calamos International Growth is 0.59 (i.e., Very weak diversification). The correlation of Calamos Evolving is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak. If the correlation is 0, the equities are not correlated; they are entirely random.

Calamos Evolving Correlation With Market

Weak diversification

The correlation between Calamos Evolving World and DJI is 0.37 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Evolving World and DJI in the same portfolio, assuming nothing else is changed.

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Calamos Evolving World. Also, note that the market value of any mutual fund could be closely tied with the direction of predictive economic indicators such as signals in unemployment.

Moving together with Calamos Mutual Fund

0.64	CGCIX	Calamos Global Growth	Pair Corr
0.81	CIGRX	Calamos International	Pair Corr
0.81	CIGOX	Calamos International	Pair Corr
0.79	CIGIX	Calamos International	Pair Corr
0.8	CIGCX	Calamos International	Pair Corr
0.81	CISOX	Calamos International	Pair Corr
0.7	CMRCX	Columbia Marsico Growth	Pair Corr
0.67	CMRAX	Columbia Large Cap	Pair Corr
0.66	CMRGX	Calamos Investment Trust	Pair Corr
1.0	CNWIX	Calamos Evolving World	Pair Corr
1.0	CNWGX	Calamos Evolving World	Pair Corr

Moving against Calamos Mutual Fund

0.83	CVSOX	Calamos Market Neutral	Pair Corr
0.82	CVSCX	Calamos Market Neutral	Pair Corr
0.84	CMNIX	Calamos Market Neutral	Pair Corr
0.59	CHYDX	Calamos High Income	Pair Corr
0.59	CIHYX	Calamos High Income	Pair Corr
0.36	CIHEX	Calamos Hedged Equity	Pair Corr
0.48	CSTIX	Calamos Short Term	Pair Corr
0.45	CTAGX	Calamos Timpani Smid	Pair Corr
0.37	CSTBX	Calamos Short Term	Pair Corr
0.36	CTASX	Calamos Timpani Small	Pair Corr

Related Correlations Analysis

	CIGRX	CVTRX	CVLOX	CCVIX	CAGEX
CIGRX		0.57	0.86	0.29	0.91	CIGRX
CVTRX	0.57		0.78	0.88	0.82	CVTRX
CVLOX	0.86	0.78		0.49	0.92	CVLOX
CCVIX	0.29	0.88	0.49		0.6	CCVIX
CAGEX	0.91	0.82	0.92	0.6		CAGEX
	CIGRX	CVTRX	CVLOX	CCVIX	CAGEX

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Risk-Adjusted Indicators

There is a big difference between Calamos Mutual Fund performing well and Calamos Evolving Mutual Fund doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Calamos Evolving's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
CIGRX	0.75	(0.20)	0.00	(0.42)	0.00	0.00	1.20	(2.04)	5.38
CVTRX	0.56	(0.02)	0.00	(0.14)	0.00	0.00	0.99	(1.21)	5.56
CVLOX	0.58	(0.13)	0.00	6.75	0.00	0.00	0.91	(1.22)	7.46
CCVIX	0.51	0.02	0.03	0.08	0.64	(0.56)	1.09	(0.92)	3.51
CAGEX	0.78	(0.15)	0.00	(0.25)	0.00	0.00	1.39	(1.67)	9.53

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