Correlation Between Calamos Growth and Calamos Evolving
Can any of the company-specific risk be diversified away by investing in both Calamos Growth and Calamos Evolving 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 Calamos Evolving into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Calamos Growth Income and Calamos Evolving World, you can compare the effects of market volatilities on Calamos Growth and Calamos Evolving 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 Calamos Evolving. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Growth and Calamos Evolving.
Diversification Opportunities for Calamos Growth and Calamos Evolving
0.66 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Calamos and Calamos is 0.66. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Growth Income and Calamos Evolving World in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calamos Evolving World 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 Income are associated (or correlated) with Calamos Evolving. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Calamos Evolving World has no effect on the direction of Calamos Growth i.e., Calamos Growth and Calamos Evolving go up and down completely randomly.
Pair Corralation between Calamos Growth and Calamos Evolving
Assuming the 90 days horizon Calamos Growth is expected to generate 1.06 times less return on investment than Calamos Evolving. But when comparing it to its historical volatility, Calamos Growth Income is 1.43 times less risky than Calamos Evolving. It trades about 0.15 of its potential returns per unit of risk. Calamos Evolving World is currently generating about 0.11 of returns per unit of risk over similar time horizon. If you would invest 1,483 in Calamos Evolving World on August 26, 2024 and sell it today you would earn a total of 470.00 from holding Calamos Evolving World or generate 31.69% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Calamos Growth Income vs. Calamos Evolving World
Performance |
| Timeline |
| Calamos Growth Income |
| Calamos Evolving World |
Calamos Growth and Calamos Evolving Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Growth and Calamos Evolving
The main advantage of trading using opposite Calamos Growth and Calamos Evolving positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Growth position performs unexpectedly, Calamos Evolving 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 Calamos Evolving will offset losses from the drop in Calamos Evolving's long position.| Calamos Growth vs. Calamos Growth Fund | Calamos Growth vs. Calamos Vertible Fund | Calamos Growth vs. Calamos Global Growth | Calamos Growth vs. Calamos Market Neutral |
| Calamos Evolving vs. Calamos International Growth | Calamos Evolving vs. Calamos Growth Income | Calamos Evolving vs. Calamos Global Growth | Calamos Evolving vs. Calamos Vertible Fund |
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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
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