Correlation Between Calvert Global and Ambrus Core
Can any of the company-specific risk be diversified away by investing in both Calvert Global and Ambrus Core 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 Calvert Global and Ambrus Core into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Calvert Global Energy and Ambrus Core Bond, you can compare the effects of market volatilities on Calvert Global and Ambrus Core 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 Calvert Global with a short position of Ambrus Core. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calvert Global and Ambrus Core.
Diversification Opportunities for Calvert Global and Ambrus Core
0.59 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Calvert and Ambrus is 0.59. Overlapping area represents the amount of risk that can be diversified away by holding Calvert Global Energy and Ambrus Core Bond in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ambrus Core Bond and Calvert Global 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 Calvert Global Energy are associated (or correlated) with Ambrus Core. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ambrus Core Bond has no effect on the direction of Calvert Global i.e., Calvert Global and Ambrus Core go up and down completely randomly.
Pair Corralation between Calvert Global and Ambrus Core
Assuming the 90 days horizon Calvert Global Energy is expected to generate 4.68 times more return on investment than Ambrus Core. However, Calvert Global is 4.68 times more volatile than Ambrus Core Bond. It trades about 0.04 of its potential returns per unit of risk. Ambrus Core Bond is currently generating about 0.14 per unit of risk. If you would invest 934.00 in Calvert Global Energy on September 1, 2024 and sell it today you would earn a total of 98.00 from holding Calvert Global Energy or generate 10.49% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 99.63% |
| Values | Daily Returns |
Calvert Global Energy vs. Ambrus Core Bond
Performance |
| Timeline |
| Calvert Global Energy |
| Ambrus Core Bond |
Calvert Global and Ambrus Core Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calvert Global and Ambrus Core
The main advantage of trading using opposite Calvert Global and Ambrus Core positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calvert Global position performs unexpectedly, Ambrus Core 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 Ambrus Core will offset losses from the drop in Ambrus Core's long position.| Calvert Global vs. Calvert Developed Market | Calvert Global vs. Calvert Developed Market | Calvert Global vs. Calvert Short Duration | Calvert Global vs. Calvert International Responsible |
| Ambrus Core vs. Harbor Diversified International | Ambrus Core vs. Adams Diversified Equity | Ambrus Core vs. Western Asset Diversified | Ambrus Core vs. Fidelity Advisor Diversified |
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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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