Correlation Between Calamos Growth and Calamos Total
Can any of the company-specific risk be diversified away by investing in both Calamos Growth and Calamos Total 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 Growth and Calamos Total into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Calamos Growth Income and Calamos Total Return, you can compare the effects of market volatilities on Calamos Growth and Calamos Total 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 Growth with a short position of Calamos Total. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Growth and Calamos Total.
Diversification Opportunities for Calamos Growth and Calamos Total
-0.71 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Calamos and Calamos is -0.71. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Growth Income and Calamos Total Return in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calamos Total Return and Calamos Growth 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 Growth Income are associated (or correlated) with Calamos Total. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Calamos Total Return has no effect on the direction of Calamos Growth i.e., Calamos Growth and Calamos Total go up and down completely randomly.
Pair Corralation between Calamos Growth and Calamos Total
Assuming the 90 days horizon Calamos Growth Income is expected to generate 2.01 times more return on investment than Calamos Total. However, Calamos Growth is 2.01 times more volatile than Calamos Total Return. It trades about 0.12 of its potential returns per unit of risk. Calamos Total Return is currently generating about 0.07 per unit of risk. If you would invest 3,978 in Calamos Growth Income on August 25, 2024 and sell it today you would earn a total of 876.00 from holding Calamos Growth Income or generate 22.02% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Calamos Growth Income vs. Calamos Total Return
Performance |
| Timeline |
| Calamos Growth Income |
| Calamos Total Return |
Calamos Growth and Calamos Total Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Growth and Calamos Total
The main advantage of trading using opposite Calamos Growth and Calamos Total positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Growth position performs unexpectedly, Calamos Total 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 Total will offset losses from the drop in Calamos Total's long position.| Calamos Growth vs. Calamos Market Neutral | Calamos Growth vs. Calamos Growth Fund | Calamos Growth vs. Calamos Vertible Fund | Calamos Growth vs. First Eagle Global |
| Calamos Total vs. Calamos Antetokounmpo Sustainable | Calamos Total vs. Calamos Antetokounmpo Sustainable | Calamos Total vs. Calamos Antetokounmpo Sustainable | Calamos Total vs. Calamos Opportunistic Value |
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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
Other Complementary Tools
| Watchlist Optimization Optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm | |
| Global Correlations Find global opportunities by holding instruments from different markets | |
| Bollinger Bands Use Bollinger Bands indicator to analyze target price for a given investing horizon | |
| Commodity Directory Find actively traded commodities issued by global exchanges | |
| Portfolio Backtesting Avoid under-diversification and over-optimization by backtesting your portfolios |