Correlation Between Calamos Growth and Hartford Stock

Can any of the company-specific risk be diversified away by investing in both Calamos Growth and Hartford Stock 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 Calamos Growth and Hartford Stock into the same portfolio, which is an essential part of the fundamental portfolio management process.

By analyzing existing cross correlation between Calamos Growth Fund and Hartford Stock Hls, you can compare the effects of market volatilities on Calamos Growth and Hartford Stock 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 Calamos Growth with a short position of Hartford Stock. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Growth and Hartford Stock.

Diversification Opportunities for Calamos Growth and Hartford Stock

0.0

Correlation Coefficient

Calamos Growth  Hartford Stock

Pay attention - limited upside

The 3 months correlation between Calamos and Hartford is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Growth Fund and Hartford Stock Hls in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hartford Stock Hls and Calamos Growth 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 Calamos Growth Fund are associated (or correlated) with Hartford Stock. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hartford Stock Hls has no effect on the direction of Calamos Growth i.e., Calamos Growth and Hartford Stock go up and down completely randomly.

Pair Corralation between Calamos Growth and Hartford Stock

Assuming the 90 days horizon Calamos Growth Fund is expected to generate 1.98 times more return on investment than Hartford Stock. However, Calamos Growth is 1.98 times more volatile than Hartford Stock Hls. It trades about 0.09 of its potential returns per unit of risk. Hartford Stock Hls is currently generating about 0.03 per unit of risk. If you would invest  3,600  in Calamos Growth Fund on October 9, 2024 and sell it today you would earn a total of  909.00  from holding Calamos Growth Fund or generate 25.25% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Flat
Strength	Insignificant
Accuracy	99.6%
Values	Daily Returns

Calamos Growth Fund  vs.  Hartford Stock Hls

Calamos Growth

Risk-Adjusted Performance

1 of 100

Weak

Compared to the overall equity markets, risk-adjusted returns on investments in Calamos Growth Fund are ranked lower than 1 (%) of all funds and portfolios of funds over the last 90 days. In spite of fairly strong basic indicators, Calamos Growth is not utilizing all of its potentials. The current stock price disturbance, may contribute to short-term losses for the investors.

Hartford Stock Hls

Risk-Adjusted Performance

0 of 100

Very Weak

Over the last 90 days Hartford Stock Hls has generated negative risk-adjusted returns adding no value to fund investors. In spite of fairly strong basic indicators, Hartford Stock is not utilizing all of its potentials. The current stock price disturbance, may contribute to short-term losses for the investors.

Pair Trading with Calamos Growth and Hartford Stock

The main advantage of trading using opposite Calamos Growth and Hartford Stock positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Growth position performs unexpectedly, Hartford Stock 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 Hartford Stock will offset losses from the drop in Hartford Stock's long position.

The idea behind Calamos Growth Fund and Hartford Stock Hls pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.

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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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.