Correlation Between Calvert Responsible and Oppenheimer Gold
Can any of the company-specific risk be diversified away by investing in both Calvert Responsible and Oppenheimer Gold 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 Responsible and Oppenheimer Gold into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Calvert Responsible Index and Oppenheimer Gold Special, you can compare the effects of market volatilities on Calvert Responsible and Oppenheimer Gold 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 Responsible with a short position of Oppenheimer Gold. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calvert Responsible and Oppenheimer Gold.
Diversification Opportunities for Calvert Responsible and Oppenheimer Gold
0.7 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Calvert and Oppenheimer is 0.7. Overlapping area represents the amount of risk that can be diversified away by holding Calvert Responsible Index and Oppenheimer Gold Special in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Oppenheimer Gold Special and Calvert Responsible 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 Responsible Index are associated (or correlated) with Oppenheimer Gold. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Oppenheimer Gold Special has no effect on the direction of Calvert Responsible i.e., Calvert Responsible and Oppenheimer Gold go up and down completely randomly.
Pair Corralation between Calvert Responsible and Oppenheimer Gold
Assuming the 90 days horizon Calvert Responsible is expected to generate 7.3 times less return on investment than Oppenheimer Gold. But when comparing it to its historical volatility, Calvert Responsible Index is 3.59 times less risky than Oppenheimer Gold. It trades about 0.11 of its potential returns per unit of risk. Oppenheimer Gold Special is currently generating about 0.23 of returns per unit of risk over similar time horizon. If you would invest 3,288 in Oppenheimer Gold Special on July 26, 2025 and sell it today you would earn a total of 1,152 from holding Oppenheimer Gold Special or generate 35.04% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Calvert Responsible Index vs. Oppenheimer Gold Special
Performance |
| Timeline |
| Calvert Responsible Index |
| Oppenheimer Gold Special |
Calvert Responsible and Oppenheimer Gold Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calvert Responsible and Oppenheimer Gold
The main advantage of trading using opposite Calvert Responsible and Oppenheimer Gold positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calvert Responsible position performs unexpectedly, Oppenheimer Gold 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 Oppenheimer Gold will offset losses from the drop in Oppenheimer Gold's long position.| Calvert Responsible vs. Western Asset E | Calvert Responsible vs. Scharf Balanced Opportunity | Calvert Responsible vs. Us Government Securities | Calvert Responsible vs. L Abbett Fundamental |
| Oppenheimer Gold vs. Leader Short Term Bond | Oppenheimer Gold vs. Blackrock Global Longshort | Oppenheimer Gold vs. Western Asset Short | Oppenheimer Gold vs. Alpine Ultra Short |
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 Portfolio Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
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