Correlation Between Calvert Developed and Nationwide Bailard
Can any of the company-specific risk be diversified away by investing in both Calvert Developed and Nationwide Bailard 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 Calvert Developed and Nationwide Bailard into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Calvert Developed Market and Nationwide Bailard International, you can compare the effects of market volatilities on Calvert Developed and Nationwide Bailard 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 Calvert Developed with a short position of Nationwide Bailard. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calvert Developed and Nationwide Bailard.
Diversification Opportunities for Calvert Developed and Nationwide Bailard
0.59 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Calvert and Nationwide is 0.59. Overlapping area represents the amount of risk that can be diversified away by holding Calvert Developed Market and Nationwide Bailard Internation in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nationwide Bailard and Calvert Developed 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 Calvert Developed Market are associated (or correlated) with Nationwide Bailard. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nationwide Bailard has no effect on the direction of Calvert Developed i.e., Calvert Developed and Nationwide Bailard go up and down completely randomly.
Pair Corralation between Calvert Developed and Nationwide Bailard
Assuming the 90 days horizon Calvert Developed Market is expected to generate 1.04 times more return on investment than Nationwide Bailard. However, Calvert Developed is 1.04 times more volatile than Nationwide Bailard International. It trades about 0.33 of its potential returns per unit of risk. Nationwide Bailard International is currently generating about 0.29 per unit of risk. If you would invest 3,044 in Calvert Developed Market on April 13, 2025 and sell it today you would earn a total of 458.00 from holding Calvert Developed Market or generate 15.05% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 98.39% |
| Values | Daily Returns |
Calvert Developed Market vs. Nationwide Bailard Internation
Performance |
| Timeline |
| Calvert Developed Market |
| Nationwide Bailard |
Calvert Developed and Nationwide Bailard Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calvert Developed and Nationwide Bailard
The main advantage of trading using opposite Calvert Developed and Nationwide Bailard positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calvert Developed position performs unexpectedly, Nationwide Bailard 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 Nationwide Bailard will offset losses from the drop in Nationwide Bailard's long position.| Calvert Developed vs. Calvert Large Cap | Calvert Developed vs. Calvert Large Cap | Calvert Developed vs. Calvert Mid Cap | Calvert Developed vs. Calvert Short Duration |
| Nationwide Bailard vs. Nationwide Investor Destinations | Nationwide Bailard vs. Nationwide Investor Destinations | Nationwide Bailard vs. Nationwide Investor Destinations |
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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
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