Correlation Between Hartford Small and Calamos Global
Can any of the company-specific risk be diversified away by investing in both Hartford Small 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 Small and Calamos Global into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between The Hartford Small and Calamos Global Growth, you can compare the effects of market volatilities on Hartford Small 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 Small with a short position of Calamos Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hartford Small and Calamos Global.
Diversification Opportunities for Hartford Small and Calamos Global
0.76 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Hartford and Calamos is 0.76. Overlapping area represents the amount of risk that can be diversified away by holding The Hartford Small and Calamos Global Growth in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calamos Global Growth and Hartford Small 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 Small 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 Growth has no effect on the direction of Hartford Small i.e., Hartford Small and Calamos Global go up and down completely randomly.
Pair Corralation between Hartford Small and Calamos Global
Assuming the 90 days horizon Hartford Small is expected to generate 1.06 times less return on investment than Calamos Global. In addition to that, Hartford Small is 1.7 times more volatile than Calamos Global Growth. It trades about 0.06 of its total potential returns per unit of risk. Calamos Global Growth is currently generating about 0.11 per unit of volatility. If you would invest 784.00 in Calamos Global Growth on September 12, 2024 and sell it today you would earn a total of 352.00 from holding Calamos Global Growth or generate 44.9% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
The Hartford Small vs. Calamos Global Growth
Performance |
| Timeline |
| Hartford Small |
| Calamos Global Growth |
Hartford Small and Calamos Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hartford Small and Calamos Global
The main advantage of trading using opposite Hartford Small and Calamos Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hartford Small 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 Small vs. Fidelity Small Cap | Hartford Small vs. Heartland Value Plus | Hartford Small vs. Amg River Road | Hartford Small vs. Lsv Small Cap |
| Calamos Global vs. Alpsalerian Energy Infrastructure | Calamos Global vs. World Energy Fund | Calamos Global vs. Dreyfus Natural Resources | Calamos Global vs. Energy Basic Materials |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
Other Complementary Tools
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Balance Of Power Check stock momentum by analyzing Balance Of Power indicator and other technical ratios | |
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals | |
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges | |
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges |