Correlation Between Mirova Global and Calamos Global
Can any of the company-specific risk be diversified away by investing in both Mirova Global 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 Mirova Global and Calamos Global into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Mirova Global Green and Calamos Global Growth, you can compare the effects of market volatilities on Mirova Global 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 Mirova Global with a short position of Calamos Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of Mirova Global and Calamos Global.
Diversification Opportunities for Mirova Global and Calamos Global
0.1 | Correlation Coefficient |
Average diversification
The 3 months correlation between Mirova and Calamos is 0.1. Overlapping area represents the amount of risk that can be diversified away by holding Mirova Global Green 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 Mirova Global 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 Mirova Global Green 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 Mirova Global i.e., Mirova Global and Calamos Global go up and down completely randomly.
Pair Corralation between Mirova Global and Calamos Global
Assuming the 90 days horizon Mirova Global is expected to generate 1.65 times less return on investment than Calamos Global. But when comparing it to its historical volatility, Mirova Global Green is 2.46 times less risky than Calamos Global. It trades about 0.46 of its potential returns per unit of risk. Calamos Global Growth is currently generating about 0.31 of returns per unit of risk over similar time horizon. If you would invest 1,089 in Calamos Global Growth on September 3, 2024 and sell it today you would earn a total of 35.00 from holding Calamos Global Growth or generate 3.21% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Mirova Global Green vs. Calamos Global Growth
Performance |
| Timeline |
| Mirova Global Green |
| Calamos Global Growth |
Mirova Global and Calamos Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Mirova Global and Calamos Global
The main advantage of trading using opposite Mirova Global and Calamos Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Mirova Global 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.| Mirova Global vs. Vanguard Reit Index | Mirova Global vs. Amg Managers Centersquare | Mirova Global vs. Tiaa Cref Real Estate | Mirova Global vs. Us Real Estate |
| Calamos Global vs. Mirova Global Green | Calamos Global vs. Fm Investments Large | Calamos Global vs. T Rowe Price | Calamos Global vs. Principal Lifetime Hybrid |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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