Correlation Between Amg River and Calamos Growth
Can any of the company-specific risk be diversified away by investing in both Amg River and Calamos Growth 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 Amg River and Calamos Growth into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Amg River Road and Calamos Growth Fund, you can compare the effects of market volatilities on Amg River and Calamos Growth 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 Amg River with a short position of Calamos Growth. Check out your portfolio center. Please also check ongoing floating volatility patterns of Amg River and Calamos Growth.
Diversification Opportunities for Amg River and Calamos Growth
0.9 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Amg and Calamos is 0.9. Overlapping area represents the amount of risk that can be diversified away by holding Amg River Road and Calamos Growth Fund in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calamos Growth and Amg River 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 Amg River Road are associated (or correlated) with Calamos Growth. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Calamos Growth has no effect on the direction of Amg River i.e., Amg River and Calamos Growth go up and down completely randomly.
Pair Corralation between Amg River and Calamos Growth
Assuming the 90 days horizon Amg River Road is expected to generate 1.26 times more return on investment than Calamos Growth. However, Amg River is 1.26 times more volatile than Calamos Growth Fund. It trades about 0.42 of its potential returns per unit of risk. Calamos Growth Fund is currently generating about 0.31 per unit of risk. If you would invest 1,009 in Amg River Road on September 1, 2024 and sell it today you would earn a total of 112.00 from holding Amg River Road or generate 11.1% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 95.45% |
| Values | Daily Returns |
Amg River Road vs. Calamos Growth Fund
Performance |
| Timeline |
| Amg River Road |
| Calamos Growth |
Amg River and Calamos Growth Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Amg River and Calamos Growth
The main advantage of trading using opposite Amg River and Calamos Growth positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Amg River position performs unexpectedly, Calamos Growth 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 Growth will offset losses from the drop in Calamos Growth's long position.| Amg River vs. Amg River Road | Amg River vs. Champlain Small Pany | Amg River vs. Amg River Road | Amg River vs. Marsico Global Fund |
| Calamos Growth vs. Fidelity Small Cap | Calamos Growth vs. Pace Smallmedium Value | Calamos Growth vs. Amg River Road | Calamos Growth vs. Boston Partners Small |
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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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