Correlation Between The Hartford and Calamos High
Can any of the company-specific risk be diversified away by investing in both The Hartford and Calamos High 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 The Hartford and Calamos High into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between The Hartford Emerging and Calamos High Income, you can compare the effects of market volatilities on The Hartford and Calamos High 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 The Hartford with a short position of Calamos High. Check out your portfolio center. Please also check ongoing floating volatility patterns of The Hartford and Calamos High.
Diversification Opportunities for The Hartford and Calamos High
-0.1 | Correlation Coefficient |
Good diversification
The 3 months correlation between The and Calamos is -0.1. Overlapping area represents the amount of risk that can be diversified away by holding The Hartford Emerging and Calamos High Income in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calamos High Income and The Hartford 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 The Hartford Emerging are associated (or correlated) with Calamos High. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Calamos High Income has no effect on the direction of The Hartford i.e., The Hartford and Calamos High go up and down completely randomly.
Pair Corralation between The Hartford and Calamos High
Assuming the 90 days horizon The Hartford Emerging is expected to under-perform the Calamos High. In addition to that, The Hartford is 1.69 times more volatile than Calamos High Income. It trades about -0.51 of its total potential returns per unit of risk. Calamos High Income is currently generating about -0.23 per unit of volatility. If you would invest 788.00 in Calamos High Income on October 9, 2024 and sell it today you would lose (7.00) from holding Calamos High Income or give up 0.89% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
The Hartford Emerging vs. Calamos High Income
Performance |
Timeline |
Hartford Emerging |
Calamos High Income |
The Hartford and Calamos High Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with The Hartford and Calamos High
The main advantage of trading using opposite The Hartford and Calamos High positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if The Hartford position performs unexpectedly, Calamos High 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 High will offset losses from the drop in Calamos High's long position.The Hartford vs. The Hartford Growth | The Hartford vs. The Hartford Growth | The Hartford vs. The Hartford Growth | The Hartford vs. The Hartford Growth |
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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 Efficient Frontier module to plot and analyze your portfolio and positions against risk-return landscape of the market..
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