Correlation Between Calamos Global and Virtus Allianzgi
Can any of the company-specific risk be diversified away by investing in both Calamos Global and Virtus Allianzgi 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 Global and Virtus Allianzgi into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Calamos Global Equity and Virtus Allianzgi Health, you can compare the effects of market volatilities on Calamos Global and Virtus Allianzgi 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 Global with a short position of Virtus Allianzgi. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Global and Virtus Allianzgi.
Diversification Opportunities for Calamos Global and Virtus Allianzgi
-0.02 | Correlation Coefficient |
Good diversification
The 3 months correlation between Calamos and Virtus is -0.02. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Global Equity and Virtus Allianzgi Health in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Virtus Allianzgi Health and Calamos 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 Calamos Global Equity are associated (or correlated) with Virtus Allianzgi. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Virtus Allianzgi Health has no effect on the direction of Calamos Global i.e., Calamos Global and Virtus Allianzgi go up and down completely randomly.
Pair Corralation between Calamos Global and Virtus Allianzgi
Assuming the 90 days horizon Calamos Global Equity is expected to generate 1.15 times more return on investment than Virtus Allianzgi. However, Calamos Global is 1.15 times more volatile than Virtus Allianzgi Health. It trades about 0.12 of its potential returns per unit of risk. Virtus Allianzgi Health is currently generating about 0.03 per unit of risk. If you would invest 1,165 in Calamos Global Equity on September 12, 2024 and sell it today you would earn a total of 829.00 from holding Calamos Global Equity or generate 71.16% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 72.06% |
| Values | Daily Returns |
Calamos Global Equity vs. Virtus Allianzgi Health
Performance |
| Timeline |
| Calamos Global Equity |
| Virtus Allianzgi Health |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Calamos Global and Virtus Allianzgi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Global and Virtus Allianzgi
The main advantage of trading using opposite Calamos Global and Virtus Allianzgi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Global position performs unexpectedly, Virtus Allianzgi 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 Virtus Allianzgi will offset losses from the drop in Virtus Allianzgi's long position.| Calamos Global vs. American Funds New | Calamos Global vs. American Funds New | Calamos Global vs. New Perspective Fund | Calamos Global vs. New Perspective Fund |
| Virtus Allianzgi vs. Locorr Dynamic Equity | Virtus Allianzgi vs. Huber Capital Equity | Virtus Allianzgi vs. Calamos Global Equity | Virtus Allianzgi vs. Qs Global Equity |
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 Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.
Other Complementary Tools
| Correlation Analysis Reduce portfolio risk simply by holding instruments which are not perfectly correlated | |
| Balance Of Power Check stock momentum by analyzing Balance Of Power indicator and other technical ratios | |
| Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk | |
| Commodity Directory Find actively traded commodities issued by global exchanges | |
| Pair Correlation Compare performance and examine fundamental relationship between any two equity instruments |