Correlation Between Calamos Growth and Angel Oak
Can any of the company-specific risk be diversified away by investing in both Calamos Growth and Angel Oak 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 Angel Oak 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 Angel Oak Ultrashort, you can compare the effects of market volatilities on Calamos Growth and Angel Oak 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 Angel Oak. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Growth and Angel Oak.
Diversification Opportunities for Calamos Growth and Angel Oak
-0.4 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Calamos and Angel is -0.4. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Growth Fund and Angel Oak Ultrashort in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Angel Oak Ultrashort 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 Angel Oak. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Angel Oak Ultrashort has no effect on the direction of Calamos Growth i.e., Calamos Growth and Angel Oak go up and down completely randomly.
Pair Corralation between Calamos Growth and Angel Oak
Assuming the 90 days horizon Calamos Growth Fund is expected to generate 9.91 times more return on investment than Angel Oak. However, Calamos Growth is 9.91 times more volatile than Angel Oak Ultrashort. It trades about 0.09 of its potential returns per unit of risk. Angel Oak Ultrashort is currently generating about 0.24 per unit of risk. If you would invest 2,987 in Calamos Growth Fund on November 2, 2024 and sell it today you would earn a total of 1,580 from holding Calamos Growth Fund or generate 52.9% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 99.8% |
| Values | Daily Returns |
Calamos Growth Fund vs. Angel Oak Ultrashort
Performance |
| Timeline |
| Calamos Growth |
| Angel Oak Ultrashort |
Calamos Growth and Angel Oak Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Growth and Angel Oak
The main advantage of trading using opposite Calamos Growth and Angel Oak positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Growth position performs unexpectedly, Angel Oak 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 Angel Oak will offset losses from the drop in Angel Oak's long position.| Calamos Growth vs. Aamhimco Short Duration | Calamos Growth vs. Touchstone Ultra Short | Calamos Growth vs. Siit Ultra Short | Calamos Growth vs. Cmg Ultra Short |
| Angel Oak vs. Federated Emerging Market | Angel Oak vs. Commodities Strategy Fund | Angel Oak vs. Siit Emerging Markets | Angel Oak vs. Barings Emerging Markets |
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 Rebalancing module to analyze risk-adjusted returns against different time horizons to find asset-allocation targets.
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