Correlation Between Calamos Global and Carillon Reams
Can any of the company-specific risk be diversified away by investing in both Calamos Global and Carillon Reams 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 Carillon Reams 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 Carillon Reams Unconstrained, you can compare the effects of market volatilities on Calamos Global and Carillon Reams 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 Carillon Reams. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Global and Carillon Reams.
Diversification Opportunities for Calamos Global and Carillon Reams
-0.21 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Calamos and Carillon is -0.21. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Global Equity and Carillon Reams Unconstrained in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Carillon Reams Uncon 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 Carillon Reams. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Carillon Reams Uncon has no effect on the direction of Calamos Global i.e., Calamos Global and Carillon Reams go up and down completely randomly.
Pair Corralation between Calamos Global and Carillon Reams
Assuming the 90 days horizon Calamos Global Equity is expected to generate 4.42 times more return on investment than Carillon Reams. However, Calamos Global is 4.42 times more volatile than Carillon Reams Unconstrained. It trades about 0.08 of its potential returns per unit of risk. Carillon Reams Unconstrained is currently generating about 0.17 per unit of risk. If you would invest 1,744 in Calamos Global Equity on September 3, 2024 and sell it today you would earn a total of 222.00 from holding Calamos Global Equity or generate 12.73% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Calamos Global Equity vs. Carillon Reams Unconstrained
Performance |
| Timeline |
| Calamos Global Equity |
| Carillon Reams Uncon |
Calamos Global and Carillon Reams Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Global and Carillon Reams
The main advantage of trading using opposite Calamos Global and Carillon Reams positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Global position performs unexpectedly, Carillon Reams 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 Carillon Reams will offset losses from the drop in Carillon Reams' long position.| Calamos Global vs. Allianzgi Technology Fund | Calamos Global vs. Firsthand Technology Opportunities | Calamos Global vs. Red Oak Technology | Calamos Global vs. Mfs Technology Fund |
| Carillon Reams vs. Ultra Short Fixed Income | Carillon Reams vs. Jpmorgan Equity Income | Carillon Reams vs. Calamos Global Equity | Carillon Reams vs. The Hartford 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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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