Correlation Between Calamos Growth and Champlain Mid
Can any of the company-specific risk be diversified away by investing in both Calamos Growth and Champlain Mid 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 Champlain Mid 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 Champlain Mid Cap, you can compare the effects of market volatilities on Calamos Growth and Champlain Mid 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 Champlain Mid. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Growth and Champlain Mid.
Diversification Opportunities for Calamos Growth and Champlain Mid
0.83 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Calamos and Champlain is 0.83. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Growth Fund and Champlain Mid Cap in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Champlain Mid Cap 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 Champlain Mid. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Champlain Mid Cap has no effect on the direction of Calamos Growth i.e., Calamos Growth and Champlain Mid go up and down completely randomly.
Pair Corralation between Calamos Growth and Champlain Mid
Assuming the 90 days horizon Calamos Growth is expected to generate 2.49 times less return on investment than Champlain Mid. In addition to that, Calamos Growth is 1.4 times more volatile than Champlain Mid Cap. It trades about 0.04 of its total potential returns per unit of risk. Champlain Mid Cap is currently generating about 0.13 per unit of volatility. If you would invest 2,325 in Champlain Mid Cap on October 24, 2024 and sell it today you would earn a total of 44.00 from holding Champlain Mid Cap or generate 1.89% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Calamos Growth Fund vs. Champlain Mid Cap
Performance |
| Timeline |
| Calamos Growth |
| Champlain Mid Cap |
Calamos Growth and Champlain Mid Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Growth and Champlain Mid
The main advantage of trading using opposite Calamos Growth and Champlain Mid positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Growth position performs unexpectedly, Champlain Mid 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 Champlain Mid will offset losses from the drop in Champlain Mid's long position.| Calamos Growth vs. Blackrock Science Technology | Calamos Growth vs. Pgim Jennison Technology | Calamos Growth vs. Goldman Sachs Technology | Calamos Growth vs. Fidelity Advisor Technology |
| Champlain Mid vs. Champlain Small Pany | Champlain Mid vs. T Rowe Price | Champlain Mid vs. American Mutual Fund | Champlain Mid vs. Loomis Sayles Growth |
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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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