Correlation Between Calamos Growth and Calamos Total

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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 And 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

-0.6
  Correlation Coefficient

Excellent diversification

The 3 months correlation between Calamos and Calamos is -0.6. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Growth And 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 And 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 And is expected to generate 1.45 times more return on investment than Calamos Total. However, Calamos Growth is 1.45 times more volatile than Calamos Total Return. It trades about 0.34 of its potential returns per unit of risk. Calamos Total Return is currently generating about 0.04 per unit of risk. If you would invest  4,806  in Calamos Growth And on September 18, 2024 and sell it today you would earn a total of  137.00  from holding Calamos Growth And or generate 2.85% return on investment over 90 days.
Time Period3 Months [change]
DirectionMoves Against 
StrengthWeak
Accuracy95.24%
ValuesDaily Returns

Calamos Growth And  vs.  Calamos Total Return

 Performance 
       Timeline  
Calamos Growth And 

Risk-Adjusted Performance

16 of 100

 
Weak
 
Strong
Solid
Compared to the overall equity markets, risk-adjusted returns on investments in Calamos Growth And are ranked lower than 16 (%) of all funds and portfolios of funds over the last 90 days. In spite of fairly weak basic indicators, Calamos Growth may actually be approaching a critical reversion point that can send shares even higher in January 2025.
Calamos Total Return 

Risk-Adjusted Performance

0 of 100

 
Weak
 
Strong
Very Weak
Over the last 90 days Calamos Total Return has generated negative risk-adjusted returns adding no value to fund investors. In spite of fairly strong fundamental indicators, Calamos Total is not utilizing all of its potentials. The current stock price disturbance, may contribute to short-term losses for the investors.

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.
The idea behind Calamos Growth And and Calamos Total Return pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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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 Portfolio Backtesting module to avoid under-diversification and over-optimization by backtesting your portfolios.

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