Correlation Between Calamos International and Calamos Growth
Can any of the company-specific risk be diversified away by investing in both Calamos International 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 International 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 International Small and Calamos Growth Fund, you can compare the effects of market volatilities on Calamos International 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 International with a short position of Calamos Growth. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos International and Calamos Growth.
Diversification Opportunities for Calamos International and Calamos Growth
-0.43 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Calamos and Calamos is -0.43. Overlapping area represents the amount of risk that can be diversified away by holding Calamos International Small 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 International 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 International Small 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 International i.e., Calamos International and Calamos Growth go up and down completely randomly.
Pair Corralation between Calamos International and Calamos Growth
Assuming the 90 days horizon Calamos International is expected to generate 6.39 times less return on investment than Calamos Growth. But when comparing it to its historical volatility, Calamos International Small is 1.3 times less risky than Calamos Growth. It trades about 0.06 of its potential returns per unit of risk. Calamos Growth Fund is currently generating about 0.3 of returns per unit of risk over similar time horizon. If you would invest 1,593 in Calamos Growth Fund on September 3, 2024 and sell it today you would earn a total of 98.00 from holding Calamos Growth Fund or generate 6.15% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Calamos International Small vs. Calamos Growth Fund
Performance |
| Timeline |
| Calamos International |
| Calamos Growth |
Calamos International and Calamos Growth Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos International and Calamos Growth
The main advantage of trading using opposite Calamos International and Calamos Growth positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos International 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 International vs. Oppenheimer Intl Small | Calamos International vs. Oppenheimer Intl Small | Calamos International vs. HUMANA INC | Calamos International vs. Aquagold International |
| Calamos Growth vs. Davis Financial Fund | Calamos Growth vs. Prudential Financial Services | Calamos Growth vs. Angel Oak Financial | Calamos Growth vs. Prudential Jennison Financial |
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 Portfolio Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
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