Correlation Between Comstock Capital and Calvert Global
Can any of the company-specific risk be diversified away by investing in both Comstock Capital and Calvert 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 Comstock Capital and Calvert Global into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Comstock Capital Value and Calvert Global Energy, you can compare the effects of market volatilities on Comstock Capital and Calvert 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 Comstock Capital with a short position of Calvert Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of Comstock Capital and Calvert Global.
Diversification Opportunities for Comstock Capital and Calvert Global
-0.21 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Comstock and Calvert is -0.21. Overlapping area represents the amount of risk that can be diversified away by holding Comstock Capital Value and Calvert Global Energy in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calvert Global Energy and Comstock Capital 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 Comstock Capital Value are associated (or correlated) with Calvert Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Calvert Global Energy has no effect on the direction of Comstock Capital i.e., Comstock Capital and Calvert Global go up and down completely randomly.
Pair Corralation between Comstock Capital and Calvert Global
Assuming the 90 days horizon Comstock Capital is expected to generate 5.6 times less return on investment than Calvert Global. But when comparing it to its historical volatility, Comstock Capital Value is 2.05 times less risky than Calvert Global. It trades about 0.04 of its potential returns per unit of risk. Calvert Global Energy is currently generating about 0.12 of returns per unit of risk over similar time horizon. If you would invest 1,091 in Calvert Global Energy on September 13, 2024 and sell it today you would earn a total of 15.00 from holding Calvert Global Energy or generate 1.37% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Comstock Capital Value vs. Calvert Global Energy
Performance |
| Timeline |
| Comstock Capital Value |
| Calvert Global Energy |
Comstock Capital and Calvert Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Comstock Capital and Calvert Global
The main advantage of trading using opposite Comstock Capital and Calvert Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Comstock Capital position performs unexpectedly, Calvert 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 Calvert Global will offset losses from the drop in Calvert Global's long position.| Comstock Capital vs. Gabelli Esg Fund | Comstock Capital vs. Gabelli Global Financial | Comstock Capital vs. The Gabelli Equity | Comstock Capital vs. Gamco International Growth |
| Calvert Global vs. Ab Global Risk | Calvert Global vs. Lgm Risk Managed | Calvert Global vs. Western Asset High | Calvert Global vs. Ab Global Risk |
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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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