Correlation Between Calamos Growth and Target 2005
Can any of the company-specific risk be diversified away by investing in both Calamos Growth and Target 2005 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 Target 2005 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 Target 2005 Fund, you can compare the effects of market volatilities on Calamos Growth and Target 2005 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 Target 2005. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Growth and Target 2005.
Diversification Opportunities for Calamos Growth and Target 2005
0.96 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Calamos and Target is 0.96. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Growth Fund and Target 2005 Fund in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Target 2005 Fund 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 Target 2005. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Target 2005 Fund has no effect on the direction of Calamos Growth i.e., Calamos Growth and Target 2005 go up and down completely randomly.
Pair Corralation between Calamos Growth and Target 2005
Assuming the 90 days horizon Calamos Growth Fund is expected to generate 3.52 times more return on investment than Target 2005. However, Calamos Growth is 3.52 times more volatile than Target 2005 Fund. It trades about 0.19 of its potential returns per unit of risk. Target 2005 Fund is currently generating about 0.28 per unit of risk. If you would invest 4,527 in Calamos Growth Fund on June 8, 2025 and sell it today you would earn a total of 440.00 from holding Calamos Growth Fund or generate 9.72% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Calamos Growth Fund vs. Target 2005 Fund
Performance |
| Timeline |
| Calamos Growth |
| Target 2005 Fund |
Risk-Adjusted Performance
Solid
Weak | Strong |
Calamos Growth and Target 2005 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Growth and Target 2005
The main advantage of trading using opposite Calamos Growth and Target 2005 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Growth position performs unexpectedly, Target 2005 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 Target 2005 will offset losses from the drop in Target 2005's long position.| Calamos Growth vs. Ab Global Risk | Calamos Growth vs. Growth Fund C | Calamos Growth vs. Tfa Alphagen Growth | Calamos Growth vs. Nuveen Equity Longshort |
| Target 2005 vs. Angel Oak Multi Strategy | Target 2005 vs. Franklin Emerging Market | Target 2005 vs. Vanguard Short Term Government | Target 2005 vs. Ashmore Emerging Markets |
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 Rebalancing module to analyze risk-adjusted returns against different time horizons to find asset-allocation targets.
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