Correlation Between Calamos Global and Eaton Vance
Can any of the company-specific risk be diversified away by investing in both Calamos Global and Eaton Vance 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 Eaton Vance into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Calamos Global Total and Eaton Vance Senior, you can compare the effects of market volatilities on Calamos Global and Eaton Vance 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 Eaton Vance. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Global and Eaton Vance.
Diversification Opportunities for Calamos Global and Eaton Vance
0.37 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Calamos and Eaton is 0.37. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Global Total and Eaton Vance Senior in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Eaton Vance Senior 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 Total are associated (or correlated) with Eaton Vance. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Eaton Vance Senior has no effect on the direction of Calamos Global i.e., Calamos Global and Eaton Vance go up and down completely randomly.
Pair Corralation between Calamos Global and Eaton Vance
Considering the 90-day investment horizon Calamos Global Total is expected to under-perform the Eaton Vance. In addition to that, Calamos Global is 2.6 times more volatile than Eaton Vance Senior. It trades about -0.1 of its total potential returns per unit of risk. Eaton Vance Senior is currently generating about 0.18 per unit of volatility. If you would invest 616.00 in Eaton Vance Senior on August 31, 2024 and sell it today you would earn a total of 11.00 from holding Eaton Vance Senior or generate 1.79% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Calamos Global Total vs. Eaton Vance Senior
Performance |
| Timeline |
| Calamos Global Total |
| Eaton Vance Senior |
Calamos Global and Eaton Vance Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Global and Eaton Vance
The main advantage of trading using opposite Calamos Global and Eaton Vance positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Global position performs unexpectedly, Eaton Vance 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 Eaton Vance will offset losses from the drop in Eaton Vance's long position.| Calamos Global vs. MFS Investment Grade | Calamos Global vs. Eaton Vance Municipal | Calamos Global vs. DTF Tax Free | Calamos Global vs. HUMANA INC |
| Eaton Vance vs. HUMANA INC | Eaton Vance vs. SCOR PK | Eaton Vance vs. Aquagold International | Eaton Vance vs. Thrivent High Yield |
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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
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