Correlation Between Voya Government and Calamos Growth
Can any of the company-specific risk be diversified away by investing in both Voya 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 Voya 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 Voya Government Money and Calamos Growth Fund, you can compare the effects of market volatilities on Voya 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 Voya Government with a short position of Calamos Growth. Check out your portfolio center. Please also check ongoing floating volatility patterns of Voya Government and Calamos Growth.
Diversification Opportunities for Voya Government and Calamos Growth
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Voya and Calamos is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Voya 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 Voya 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 Voya 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 Voya Government i.e., Voya Government and Calamos Growth go up and down completely randomly.
Pair Corralation between Voya Government and Calamos Growth
Assuming the 90 days horizon Voya Government Money is expected to generate 0.07 times more return on investment than Calamos Growth. However, Voya Government Money is 14.86 times less risky than Calamos Growth. It trades about 0.13 of its potential returns per unit of risk. Calamos Growth Fund is currently generating about -0.03 per unit of risk. If you would invest 98.00 in Voya Government Money on October 18, 2024 and sell it today you would earn a total of 2.00 from holding Voya Government Money or generate 2.04% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 99.19% |
| Values | Daily Returns |
Voya Government Money vs. Calamos Growth Fund
Performance |
| Timeline |
| Voya Government Money |
| Calamos Growth |
Voya Government and Calamos Growth Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Voya Government and Calamos Growth
The main advantage of trading using opposite Voya Government and Calamos Growth positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Voya 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.| Voya Government vs. Greenspring Fund Retail | Voya Government vs. Monteagle Enhanced Equity | Voya Government vs. Siit Equity Factor | Voya Government vs. Qs Global Equity |
| Calamos Growth vs. Ab Government Exchange | Calamos Growth vs. Voya Government Money | Calamos Growth vs. Elfun Government Money | Calamos Growth vs. Hsbc Treasury Money |
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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
Other Complementary Tools
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
| Balance Of Power Check stock momentum by analyzing Balance Of Power indicator and other technical ratios | |
| Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes | |
| Global Correlations Find global opportunities by holding instruments from different markets | |
| Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators |