Correlation Between Calamos Growth and Quantitative Longshort
Can any of the company-specific risk be diversified away by investing in both Calamos Growth and Quantitative Longshort 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 Growth and Quantitative Longshort into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Calamos Growth Fund and Quantitative Longshort Equity, you can compare the effects of market volatilities on Calamos Growth and Quantitative Longshort 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 Growth with a short position of Quantitative Longshort. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Growth and Quantitative Longshort.
Diversification Opportunities for Calamos Growth and Quantitative Longshort
0.79 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Calamos and Quantitative is 0.79. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Growth Fund and Quantitative Longshort Equity in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Quantitative Longshort and Calamos Growth 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 Growth Fund are associated (or correlated) with Quantitative Longshort. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Quantitative Longshort has no effect on the direction of Calamos Growth i.e., Calamos Growth and Quantitative Longshort go up and down completely randomly.
Pair Corralation between Calamos Growth and Quantitative Longshort
Assuming the 90 days horizon Calamos Growth Fund is expected to generate 1.78 times more return on investment than Quantitative Longshort. However, Calamos Growth is 1.78 times more volatile than Quantitative Longshort Equity. It trades about 0.31 of its potential returns per unit of risk. Quantitative Longshort Equity is currently generating about 0.3 per unit of risk. If you would invest 1,583 in Calamos Growth Fund on September 1, 2024 and sell it today you would earn a total of 108.00 from holding Calamos Growth Fund or generate 6.82% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 95.45% |
| Values | Daily Returns |
Calamos Growth Fund vs. Quantitative Longshort Equity
Performance |
| Timeline |
| Calamos Growth |
| Quantitative Longshort |
Calamos Growth and Quantitative Longshort Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Growth and Quantitative Longshort
The main advantage of trading using opposite Calamos Growth and Quantitative Longshort positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Growth position performs unexpectedly, Quantitative Longshort 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 Quantitative Longshort will offset losses from the drop in Quantitative Longshort's long position.| Calamos Growth vs. Fidelity Small Cap | Calamos Growth vs. Pace Smallmedium Value | Calamos Growth vs. Amg River Road | Calamos Growth vs. Boston Partners Small |
| Quantitative Longshort vs. Metropolitan West High | Quantitative Longshort vs. Pioneer High Yield | Quantitative Longshort vs. Western Asset High | Quantitative Longshort vs. Franklin High Income |
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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
Other Complementary Tools
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum | |
| Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets | |
| CEOs Directory Screen CEOs from public companies around the world | |
| Crypto Correlations Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins | |
| Equity Valuation Check real value of public entities based on technical and fundamental data |