Correlation Between Hartford Healthcare and Calamos Global
Can any of the company-specific risk be diversified away by investing in both Hartford Healthcare 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 Hartford Healthcare and Calamos Global into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Hartford Healthcare Hls and Calamos Global Sustainable, you can compare the effects of market volatilities on Hartford Healthcare 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 Hartford Healthcare with a short position of Calamos Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hartford Healthcare and Calamos Global.
Diversification Opportunities for Hartford Healthcare and Calamos Global
0.05 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Hartford and Calamos is 0.05. Overlapping area represents the amount of risk that can be diversified away by holding Hartford Healthcare Hls and Calamos Global Sustainable in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calamos Global Susta and Hartford Healthcare 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 Hartford Healthcare Hls 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 Susta has no effect on the direction of Hartford Healthcare i.e., Hartford Healthcare and Calamos Global go up and down completely randomly.
Pair Corralation between Hartford Healthcare and Calamos Global
If you would invest 818.00 in Calamos Global Sustainable on September 24, 2024 and sell it today you would earn a total of 0.00 from holding Calamos Global Sustainable or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 5.0% |
| Values | Daily Returns |
Hartford Healthcare Hls vs. Calamos Global Sustainable
Performance |
| Timeline |
| Hartford Healthcare Hls |
| Calamos Global Susta |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Hartford Healthcare and Calamos Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hartford Healthcare and Calamos Global
The main advantage of trading using opposite Hartford Healthcare and Calamos Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hartford Healthcare 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.| Hartford Healthcare vs. Guggenheim Diversified Income | Hartford Healthcare vs. Stone Ridge Diversified | Hartford Healthcare vs. Western Asset Diversified | Hartford Healthcare vs. Global Diversified Income |
| Calamos Global vs. Baillie Gifford Health | Calamos Global vs. Alger Health Sciences | Calamos Global vs. Hartford Healthcare Hls | Calamos Global vs. Allianzgi Health Sciences |
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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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