Correlation Between Elfun Government and Calamos Growth
Can any of the company-specific risk be diversified away by investing in both Elfun Government and Calamos 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 Elfun Government and Calamos Growth into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Elfun Government Money and Calamos Growth Fund, you can compare the effects of market volatilities on Elfun Government and Calamos 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 Elfun Government with a short position of Calamos Growth. Check out your portfolio center. Please also check ongoing floating volatility patterns of Elfun Government and Calamos Growth.
Diversification Opportunities for Elfun Government and Calamos Growth
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Elfun and Calamos is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Elfun Government Money and Calamos Growth Fund in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calamos Growth and Elfun Government 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 Elfun Government Money are associated (or correlated) with Calamos Growth. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Calamos Growth has no effect on the direction of Elfun Government i.e., Elfun Government and Calamos Growth go up and down completely randomly.
Pair Corralation between Elfun Government and Calamos Growth
Assuming the 90 days horizon Elfun Government Money is expected to generate 26.96 times more return on investment than Calamos Growth. However, Elfun Government is 26.96 times more volatile than Calamos Growth Fund. It trades about 0.06 of its potential returns per unit of risk. Calamos Growth Fund is currently generating about 0.09 per unit of risk. If you would invest 332.00 in Elfun Government Money on September 5, 2024 and sell it today you would lose (232.00) from holding Elfun Government Money or give up 69.88% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 98.02% |
| Values | Daily Returns |
Elfun Government Money vs. Calamos Growth Fund
Performance |
| Timeline |
| Elfun Government Money |
| Calamos Growth |
Elfun Government and Calamos Growth Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Elfun Government and Calamos Growth
The main advantage of trading using opposite Elfun Government and Calamos Growth positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Elfun Government position performs unexpectedly, Calamos 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 Calamos Growth will offset losses from the drop in Calamos Growth's long position.| Elfun Government vs. Ab Select Longshort | Elfun Government vs. Limited Term Tax | Elfun Government vs. Jhancock Short Duration | Elfun Government vs. Locorr Longshort Modities |
| Calamos Growth vs. Calamos Antetokounmpo Sustainable | Calamos Growth vs. Innealta Capital Sector | Calamos Growth vs. Calamos Antetokounmpo Sustainable | Calamos Growth vs. Calamos Opportunistic Value |
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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
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