Correlation Between Alger Health and Calamos Global
Can any of the company-specific risk be diversified away by investing in both Alger Health and Calamos Global 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 Alger Health and Calamos Global into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Alger Health Sciences and Calamos Global Sustainable, you can compare the effects of market volatilities on Alger Health and Calamos Global 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 Alger Health with a short position of Calamos Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of Alger Health and Calamos Global.
Diversification Opportunities for Alger Health and Calamos Global
0.1 | Correlation Coefficient |
Average diversification
The 3 months correlation between Alger and Calamos is 0.1. Overlapping area represents the amount of risk that can be diversified away by holding Alger Health Sciences and Calamos Global Sustainable in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calamos Global Susta and Alger Health 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 Alger Health Sciences are associated (or correlated) with Calamos Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Calamos Global Susta has no effect on the direction of Alger Health i.e., Alger Health and Calamos Global go up and down completely randomly.
Pair Corralation between Alger Health and Calamos Global
Assuming the 90 days horizon Alger Health Sciences is expected to under-perform the Calamos Global. In addition to that, Alger Health is 1.2 times more volatile than Calamos Global Sustainable. It trades about 0.0 of its total potential returns per unit of risk. Calamos Global Sustainable is currently generating about 0.06 per unit of volatility. If you would invest 786.00 in Calamos Global Sustainable on September 24, 2024 and sell it today you would earn a total of 32.00 from holding Calamos Global Sustainable or generate 4.07% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 20.32% |
| Values | Daily Returns |
Alger Health Sciences vs. Calamos Global Sustainable
Performance |
| Timeline |
| Alger Health Sciences |
| Calamos Global Susta |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Alger Health and Calamos Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Alger Health and Calamos Global
The main advantage of trading using opposite Alger Health and Calamos Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Alger Health position performs unexpectedly, Calamos Global 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 Global will offset losses from the drop in Calamos Global's long position.| Alger Health vs. Qs Large Cap | Alger Health vs. Red Oak Technology | Alger Health vs. Materials Portfolio Fidelity | Alger Health vs. Arrow Managed Futures |
| Calamos Global vs. Baillie Gifford Health | Calamos Global vs. Alger Health Sciences | Calamos Global vs. Hartford Healthcare Hls | Calamos Global vs. Allianzgi Health Sciences |
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 Portfolio Dashboard module to portfolio dashboard that provides centralized access to all your investments.
Other Complementary Tools
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences | |
| Bonds Directory Find actively traded corporate debentures issued by US companies | |
| Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency | |
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas | |
| Fundamental Analysis View fundamental data based on most recent published financial statements |