Correlation Between HUMANA and Calamos Growth
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By analyzing existing cross correlation between HUMANA INC and Calamos Growth Fund, you can compare the effects of market volatilities on HUMANA 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 HUMANA with a short position of Calamos Growth. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Calamos Growth.
Diversification Opportunities for HUMANA and Calamos Growth
-0.7 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between HUMANA and Calamos is -0.7. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Calamos Growth Fund in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calamos Growth and HUMANA 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 HUMANA INC 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 HUMANA i.e., HUMANA and Calamos Growth go up and down completely randomly.
Pair Corralation between HUMANA and Calamos Growth
Assuming the 90 days trading horizon HUMANA INC is expected to under-perform the Calamos Growth. But the bond apears to be less risky and, when comparing its historical volatility, HUMANA INC is 1.03 times less risky than Calamos Growth. The bond trades about -0.21 of its potential returns per unit of risk. The Calamos Growth Fund is currently generating about 0.13 of returns per unit of risk over similar time horizon. If you would invest 1,627 in Calamos Growth Fund on August 31, 2024 and sell it today you would earn a total of 52.00 from holding Calamos Growth Fund or generate 3.2% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
HUMANA INC vs. Calamos Growth Fund
Performance |
| Timeline |
| HUMANA INC |
| Calamos Growth |
HUMANA and Calamos Growth Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Calamos Growth
The main advantage of trading using opposite HUMANA and Calamos Growth positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA 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.| HUMANA vs. Air Products and | HUMANA vs. GE Vernova LLC | HUMANA vs. Aris Water Solutions | HUMANA vs. Pure Cycle |
| Calamos Growth vs. Europacific Growth Fund | Calamos Growth vs. Washington Mutual Investors | Calamos Growth vs. Capital World Growth | Calamos Growth vs. HUMANA INC |
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 Optimizer module to use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio .
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