Correlation Between Calamos Hedged and Calamos Growth
Can any of the company-specific risk be diversified away by investing in both Calamos Hedged and Calamos Growth 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 Hedged and Calamos Growth into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Calamos Hedged Equity and Calamos Growth Fund, you can compare the effects of market volatilities on Calamos Hedged and Calamos Growth 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 Hedged with a short position of Calamos Growth. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Hedged and Calamos Growth.
Diversification Opportunities for Calamos Hedged and Calamos Growth
0.98 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Calamos and Calamos is 0.98. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Hedged Equity and Calamos Growth Fund in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calamos Growth and Calamos Hedged 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 Hedged Equity are associated (or correlated) with Calamos Growth. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Calamos Growth has no effect on the direction of Calamos Hedged i.e., Calamos Hedged and Calamos Growth go up and down completely randomly.
Pair Corralation between Calamos Hedged and Calamos Growth
Assuming the 90 days horizon Calamos Hedged is expected to generate 2.44 times less return on investment than Calamos Growth. But when comparing it to its historical volatility, Calamos Hedged Equity is 2.37 times less risky than Calamos Growth. It trades about 0.14 of its potential returns per unit of risk. Calamos Growth Fund is currently generating about 0.14 of returns per unit of risk over similar time horizon. If you would invest 1,620 in Calamos Growth Fund on August 29, 2024 and sell it today you would earn a total of 59.00 from holding Calamos Growth Fund or generate 3.64% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Calamos Hedged Equity vs. Calamos Growth Fund
Performance |
| Timeline |
| Calamos Hedged Equity |
| Calamos Growth |
Calamos Hedged and Calamos Growth Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Hedged and Calamos Growth
The main advantage of trading using opposite Calamos Hedged and Calamos Growth positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Hedged position performs unexpectedly, Calamos Growth 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 Growth will offset losses from the drop in Calamos Growth's long position.| Calamos Hedged vs. Bbh Intermediate Municipal | Calamos Hedged vs. Oklahoma Municipal Fund | Calamos Hedged vs. Baird Strategic Municipal | Calamos Hedged vs. T Rowe Price |
| Calamos Growth vs. Angel Oak Ultrashort | Calamos Growth vs. Federated Short Intermediate Duration | Calamos Growth vs. Astor Longshort Fund | Calamos Growth vs. Rbc Short Duration |
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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