Correlation Between Eaton Vance and Calamos Global
Can any of the company-specific risk be diversified away by investing in both Eaton Vance and Calamos Global 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 Eaton Vance and Calamos Global into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Eaton Vance Municipal and Calamos Global Total, you can compare the effects of market volatilities on Eaton Vance and Calamos Global 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 Eaton Vance with a short position of Calamos Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of Eaton Vance and Calamos Global.
Diversification Opportunities for Eaton Vance and Calamos Global
-0.03 | Correlation Coefficient |
Good diversification
The 3 months correlation between Eaton and Calamos is -0.03. Overlapping area represents the amount of risk that can be diversified away by holding Eaton Vance Municipal and Calamos Global Total in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calamos Global Total and Eaton Vance 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 Eaton Vance Municipal are associated (or correlated) with Calamos Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Calamos Global Total has no effect on the direction of Eaton Vance i.e., Eaton Vance and Calamos Global go up and down completely randomly.
Pair Corralation between Eaton Vance and Calamos Global
Considering the 90-day investment horizon Eaton Vance Municipal is expected to generate 0.64 times more return on investment than Calamos Global. However, Eaton Vance Municipal is 1.57 times less risky than Calamos Global. It trades about 0.16 of its potential returns per unit of risk. Calamos Global Total is currently generating about -0.1 per unit of risk. If you would invest 1,042 in Eaton Vance Municipal on August 31, 2024 and sell it today you would earn a total of 27.00 from holding Eaton Vance Municipal or generate 2.59% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Eaton Vance Municipal vs. Calamos Global Total
Performance |
| Timeline |
| Eaton Vance Municipal |
| Calamos Global Total |
Eaton Vance and Calamos Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Eaton Vance and Calamos Global
The main advantage of trading using opposite Eaton Vance and Calamos Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Eaton Vance position performs unexpectedly, Calamos Global 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 Global will offset losses from the drop in Calamos Global's long position.| Eaton Vance vs. Munivest Fund | Eaton Vance vs. Blackrock Muniyield Quality | Eaton Vance vs. Blackrock Muniyield Quality | Eaton Vance vs. Blackrock Muniholdings Closed |
| Calamos Global vs. MFS Investment Grade | Calamos Global vs. Eaton Vance Municipal | Calamos Global vs. DTF Tax Free | Calamos Global vs. HUMANA INC |
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 Portfolio Comparator module to compare the composition, asset allocations and performance of any two portfolios in your account.
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