Correlation Between Calamos Evolving and Calamos Growth
Can any of the company-specific risk be diversified away by investing in both Calamos Evolving 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 Evolving 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 Evolving World and Calamos Growth Income, you can compare the effects of market volatilities on Calamos Evolving 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 Evolving with a short position of Calamos Growth. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Evolving and Calamos Growth.
Diversification Opportunities for Calamos Evolving and Calamos Growth
0.58 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Calamos and Calamos is 0.58. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Evolving World and Calamos Growth Income in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calamos Growth Income and Calamos Evolving 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 Evolving World 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 Income has no effect on the direction of Calamos Evolving i.e., Calamos Evolving and Calamos Growth go up and down completely randomly.
Pair Corralation between Calamos Evolving and Calamos Growth
Assuming the 90 days horizon Calamos Evolving World is expected to under-perform the Calamos Growth. In addition to that, Calamos Evolving is 1.09 times more volatile than Calamos Growth Income. It trades about -0.2 of its total potential returns per unit of risk. Calamos Growth Income is currently generating about 0.2 per unit of volatility. If you would invest 4,988 in Calamos Growth Income on August 29, 2024 and sell it today you would earn a total of 170.00 from holding Calamos Growth Income or generate 3.41% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Calamos Evolving World vs. Calamos Growth Income
Performance |
| Timeline |
| Calamos Evolving World |
| Calamos Growth Income |
Calamos Evolving and Calamos Growth Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Evolving and Calamos Growth
The main advantage of trading using opposite Calamos Evolving and Calamos Growth positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Evolving 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 Evolving vs. Harbor Diversified International | Calamos Evolving vs. Evaluator Conservative Rms | Calamos Evolving vs. Huber Capital Diversified | Calamos Evolving vs. Jhancock Diversified Macro |
| Calamos Growth vs. Calamos Growth Fund | Calamos Growth vs. Calamos Vertible Fund | Calamos Growth vs. Calamos Global Growth | Calamos Growth vs. Calamos Market Neutral |
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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
Other Complementary Tools
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine | |
| Equity Valuation Check real value of public entities based on technical and fundamental data | |
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
| Portfolio Volatility Check portfolio volatility and analyze historical return density to properly model market risk | |
| Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets |