Correlation Between Hartford Growth and Calamos Growth
Can any of the company-specific risk be diversified away by investing in both Hartford Growth 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 Hartford Growth and Calamos Growth into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between The Hartford Growth and Calamos Growth Fund, you can compare the effects of market volatilities on Hartford Growth 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 Hartford Growth with a short position of Calamos Growth. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hartford Growth and Calamos Growth.
Diversification Opportunities for Hartford Growth and Calamos Growth
0.37 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Hartford and Calamos is 0.37. Overlapping area represents the amount of risk that can be diversified away by holding The Hartford Growth and Calamos Growth Fund in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calamos Growth and Hartford 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 The Hartford Growth 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 Hartford Growth i.e., Hartford Growth and Calamos Growth go up and down completely randomly.
Pair Corralation between Hartford Growth and Calamos Growth
Assuming the 90 days horizon Hartford Growth is expected to generate 2.3 times less return on investment than Calamos Growth. In addition to that, Hartford Growth is 1.01 times more volatile than Calamos Growth Fund. It trades about 0.02 of its total potential returns per unit of risk. Calamos Growth Fund is currently generating about 0.04 per unit of volatility. If you would invest 4,537 in Calamos Growth Fund on October 24, 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 | 100.0% |
| Values | Daily Returns |
The Hartford Growth vs. Calamos Growth Fund
Performance |
| Timeline |
| Hartford Growth |
| Calamos Growth |
Hartford Growth and Calamos Growth Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hartford Growth and Calamos Growth
The main advantage of trading using opposite Hartford Growth and Calamos Growth positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hartford Growth 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.| 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 |
| Calamos Growth vs. Blackrock Science Technology | Calamos Growth vs. Pgim Jennison Technology | Calamos Growth vs. Goldman Sachs Technology | Calamos Growth vs. Fidelity Advisor Technology |
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 Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
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