Correlation Between Calamos Global and Touchstone Focused
Can any of the company-specific risk be diversified away by investing in both Calamos Global and Touchstone Focused 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 Global and Touchstone Focused into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Calamos Global Growth and Touchstone Focused Fund, you can compare the effects of market volatilities on Calamos Global and Touchstone Focused 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 Global with a short position of Touchstone Focused. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Global and Touchstone Focused.
Diversification Opportunities for Calamos Global and Touchstone Focused
0.97 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Calamos and Touchstone is 0.97. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Global Growth and Touchstone Focused Fund in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Touchstone Focused and Calamos Global 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 Global Growth are associated (or correlated) with Touchstone Focused. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Touchstone Focused has no effect on the direction of Calamos Global i.e., Calamos Global and Touchstone Focused go up and down completely randomly.
Pair Corralation between Calamos Global and Touchstone Focused
Assuming the 90 days horizon Calamos Global is expected to generate 1.58 times less return on investment than Touchstone Focused. But when comparing it to its historical volatility, Calamos Global Growth is 1.09 times less risky than Touchstone Focused. It trades about 0.17 of its potential returns per unit of risk. Touchstone Focused Fund is currently generating about 0.25 of returns per unit of risk over similar time horizon. If you would invest 7,521 in Touchstone Focused Fund on May 31, 2025 and sell it today you would earn a total of 777.00 from holding Touchstone Focused Fund or generate 10.33% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 98.41% |
| Values | Daily Returns |
Calamos Global Growth vs. Touchstone Focused Fund
Performance |
| Timeline |
| Calamos Global Growth |
| Touchstone Focused |
Calamos Global and Touchstone Focused Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Global and Touchstone Focused
The main advantage of trading using opposite Calamos Global and Touchstone Focused positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Global position performs unexpectedly, Touchstone Focused 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 Touchstone Focused will offset losses from the drop in Touchstone Focused's long position.| Calamos Global vs. Calamos Antetokounmpo Sustainable | Calamos Global vs. Innealta Capital Sector | Calamos Global vs. Calamos Antetokounmpo Sustainable | Calamos Global vs. Calamos Antetokounmpo Sustainable |
| Touchstone Focused vs. Invesco Disciplined Equity | Touchstone Focused vs. T Rowe Price | Touchstone Focused vs. Sentinel Mon Stock | Touchstone Focused vs. Sentinel Mon Stock |
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 Anywhere module to track or share privately all of your investments from the convenience of any device.
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