Correlation Between Allianzgi Health and Calamos Growth
Can any of the company-specific risk be diversified away by investing in both Allianzgi Health 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 Allianzgi Health and Calamos Growth into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Allianzgi Health Sciences and Calamos Growth Fund, you can compare the effects of market volatilities on Allianzgi Health 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 Allianzgi Health with a short position of Calamos Growth. Check out your portfolio center. Please also check ongoing floating volatility patterns of Allianzgi Health and Calamos Growth.
Diversification Opportunities for Allianzgi Health and Calamos Growth
-0.7 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Allianzgi and Calamos is -0.7. Overlapping area represents the amount of risk that can be diversified away by holding Allianzgi Health Sciences and Calamos Growth Fund in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calamos Growth and Allianzgi Health 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 Allianzgi Health Sciences 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 Allianzgi Health i.e., Allianzgi Health and Calamos Growth go up and down completely randomly.
Pair Corralation between Allianzgi Health and Calamos Growth
Assuming the 90 days horizon Allianzgi Health is expected to generate 5.26 times less return on investment than Calamos Growth. But when comparing it to its historical volatility, Allianzgi Health Sciences is 1.02 times less risky than Calamos Growth. It trades about 0.06 of its potential returns per unit of risk. Calamos Growth Fund is currently generating about 0.31 of returns per unit of risk over similar time horizon. If you would invest 4,457 in Calamos Growth Fund on September 3, 2024 and sell it today you would earn a total of 275.00 from holding Calamos Growth Fund or generate 6.17% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Allianzgi Health Sciences vs. Calamos Growth Fund
Performance |
| Timeline |
| Allianzgi Health Sciences |
| Calamos Growth |
Allianzgi Health and Calamos Growth Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Allianzgi Health and Calamos Growth
The main advantage of trading using opposite Allianzgi Health and Calamos Growth positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Allianzgi Health 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.| Allianzgi Health vs. Blackrock Health Sciences | Allianzgi Health vs. Fidelity Advisor Health | Allianzgi Health vs. Highland Longshort Healthcare | Allianzgi Health vs. Alphacentric Lifesci Healthcare |
| Calamos Growth vs. Alger Health Sciences | Calamos Growth vs. Blackrock Health Sciences | Calamos Growth vs. Allianzgi Health Sciences | Calamos Growth vs. Health Biotchnology Portfolio |
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 Alpha Finder module to use alpha and beta coefficients to find investment opportunities after accounting for the risk.
Other Complementary Tools
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
| Efficient Frontier Plot and analyze your portfolio and positions against risk-return landscape of the market. | |
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing |