Correlation Between Calamos Growth and Hotchkis Wiley
Can any of the company-specific risk be diversified away by investing in both Calamos Growth and Hotchkis Wiley 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 Hotchkis Wiley 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 Hotchkis Wiley Large, you can compare the effects of market volatilities on Calamos Growth and Hotchkis Wiley 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 Hotchkis Wiley. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Growth and Hotchkis Wiley.
Diversification Opportunities for Calamos Growth and Hotchkis Wiley
0.24 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Calamos and Hotchkis is 0.24. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Growth Fund and Hotchkis Wiley Large in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hotchkis Wiley Large 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 Hotchkis Wiley. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hotchkis Wiley Large has no effect on the direction of Calamos Growth i.e., Calamos Growth and Hotchkis Wiley go up and down completely randomly.
Pair Corralation between Calamos Growth and Hotchkis Wiley
If you would invest 1,627 in Calamos Growth Fund on August 31, 2024 and sell it today you would earn a total of 52.00 from holding Calamos Growth Fund or generate 3.2% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 4.55% |
| Values | Daily Returns |
Calamos Growth Fund vs. Hotchkis Wiley Large
Performance |
| Timeline |
| Calamos Growth |
| Hotchkis Wiley Large |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Calamos Growth and Hotchkis Wiley Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Growth and Hotchkis Wiley
The main advantage of trading using opposite Calamos Growth and Hotchkis Wiley positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Growth position performs unexpectedly, Hotchkis Wiley 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 Hotchkis Wiley will offset losses from the drop in Hotchkis Wiley's long position.| Calamos Growth vs. Europacific Growth Fund | Calamos Growth vs. Washington Mutual Investors | Calamos Growth vs. Capital World Growth | Calamos Growth vs. HUMANA INC |
| Hotchkis Wiley vs. Jpmorgan Mid Cap | Hotchkis Wiley vs. Calamos Growth Fund | Hotchkis Wiley vs. Hotchkis Wiley Small |
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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
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