Correlation Between Calamos Growth and Guggenheim High
Can any of the company-specific risk be diversified away by investing in both Calamos Growth and Guggenheim High 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 Guggenheim High 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 Guggenheim High Yield, you can compare the effects of market volatilities on Calamos Growth and Guggenheim High 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 Guggenheim High. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Growth and Guggenheim High.
Diversification Opportunities for Calamos Growth and Guggenheim High
0.77 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Calamos and Guggenheim is 0.77. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Growth Fund and Guggenheim High Yield in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guggenheim High Yield 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 Guggenheim High. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guggenheim High Yield has no effect on the direction of Calamos Growth i.e., Calamos Growth and Guggenheim High go up and down completely randomly.
Pair Corralation between Calamos Growth and Guggenheim High
Assuming the 90 days horizon Calamos Growth Fund is expected to generate 4.11 times more return on investment than Guggenheim High. However, Calamos Growth is 4.11 times more volatile than Guggenheim High Yield. It trades about 0.1 of its potential returns per unit of risk. Guggenheim High Yield is currently generating about 0.13 per unit of risk. If you would invest 2,839 in Calamos Growth Fund on October 11, 2024 and sell it today you would earn a total of 1,727 from holding Calamos Growth Fund or generate 60.83% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Calamos Growth Fund vs. Guggenheim High Yield
Performance |
| Timeline |
| Calamos Growth |
| Guggenheim High Yield |
Calamos Growth and Guggenheim High Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Growth and Guggenheim High
The main advantage of trading using opposite Calamos Growth and Guggenheim High positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Growth position performs unexpectedly, Guggenheim High 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 Guggenheim High will offset losses from the drop in Guggenheim High's long position.| Calamos Growth vs. Pgim Conservative Retirement | Calamos Growth vs. Wilmington Trust Retirement | Calamos Growth vs. Qs Moderate Growth | Calamos Growth vs. Wealthbuilder Moderate Balanced |
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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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.
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