Correlation Between Calamos Growth and Hartford Growth
Can any of the company-specific risk be diversified away by investing in both Calamos Growth and Hartford Growth 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 Hartford Growth 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 The Hartford Growth, you can compare the effects of market volatilities on Calamos Growth and Hartford Growth 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 Hartford Growth. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Growth and Hartford Growth.
Diversification Opportunities for Calamos Growth and Hartford Growth
0.37 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Calamos and Hartford is 0.37. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Growth Fund and The Hartford Growth in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hartford Growth 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 Hartford Growth. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hartford Growth has no effect on the direction of Calamos Growth i.e., Calamos Growth and Hartford Growth go up and down completely randomly.
Pair Corralation between Calamos Growth and Hartford Growth
Assuming the 90 days horizon Calamos Growth Fund is expected to generate 1.02 times more return on investment than Hartford Growth. However, Calamos Growth is 1.02 times more volatile than The Hartford Growth. It trades about 0.04 of its potential returns per unit of risk. The Hartford Growth is currently generating about 0.02 per unit of risk. If you would invest 4,537 in Calamos Growth Fund on October 23, 2024 and sell it today you would earn a total of 30.00 from holding Calamos Growth Fund or generate 0.66% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 94.74% |
| Values | Daily Returns |
Calamos Growth Fund vs. The Hartford Growth
Performance |
| Timeline |
| Calamos Growth |
| Hartford Growth |
Calamos Growth and Hartford Growth Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Growth and Hartford Growth
The main advantage of trading using opposite Calamos Growth and Hartford Growth positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Growth position performs unexpectedly, Hartford Growth 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 Hartford Growth will offset losses from the drop in Hartford Growth'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 |
| Hartford Growth vs. Advisory Research Mlp | Hartford Growth vs. Blackrock All Cap Energy | Hartford Growth vs. Franklin Natural Resources | Hartford Growth vs. Transamerica Mlp Energy |
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 Alpha Finder module to use alpha and beta coefficients to find investment opportunities after accounting for the risk.
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