Correlation Between Calamos Evolving and Calamos Global
Can any of the company-specific risk be diversified away by investing in both Calamos Evolving and Calamos Global 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 Global 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 Global Vertible, you can compare the effects of market volatilities on Calamos Evolving and Calamos Global 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 Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Evolving and Calamos Global.
Diversification Opportunities for Calamos Evolving and Calamos Global
0.75 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Calamos and Calamos is 0.75. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Evolving World and Calamos Global Vertible in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calamos Global Vertible 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 Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Calamos Global Vertible has no effect on the direction of Calamos Evolving i.e., Calamos Evolving and Calamos Global go up and down completely randomly.
Pair Corralation between Calamos Evolving and Calamos Global
Assuming the 90 days horizon Calamos Evolving is expected to generate 1.31 times less return on investment than Calamos Global. In addition to that, Calamos Evolving is 2.2 times more volatile than Calamos Global Vertible. It trades about 0.03 of its total potential returns per unit of risk. Calamos Global Vertible is currently generating about 0.1 per unit of volatility. If you would invest 970.00 in Calamos Global Vertible on September 3, 2024 and sell it today you would earn a total of 212.00 from holding Calamos Global Vertible or generate 21.86% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Calamos Evolving World vs. Calamos Global Vertible
Performance |
| Timeline |
| Calamos Evolving World |
| Calamos Global Vertible |
Calamos Evolving and Calamos Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Evolving and Calamos Global
The main advantage of trading using opposite Calamos Evolving and Calamos Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Evolving position performs unexpectedly, Calamos Global 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 Global will offset losses from the drop in Calamos Global's long position.| Calamos Evolving vs. T Rowe Price | Calamos Evolving vs. Rbb Fund | Calamos Evolving vs. Nationwide Global Equity | Calamos Evolving vs. William Blair Large |
| Calamos Global vs. Legg Mason Bw | Calamos Global vs. Jhancock Diversified Macro | Calamos Global vs. Sentinel Small Pany | Calamos Global vs. Lord Abbett Diversified |
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 Optimization module to compute new portfolio that will generate highest expected return given your specified tolerance for risk.
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