Correlation Between Guinness Atkinson and Calvert Global
Can any of the company-specific risk be diversified away by investing in both Guinness Atkinson and Calvert Global 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 Guinness Atkinson and Calvert Global into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Guinness Atkinson Global and Calvert Global Energy, you can compare the effects of market volatilities on Guinness Atkinson and Calvert Global 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 Guinness Atkinson with a short position of Calvert Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of Guinness Atkinson and Calvert Global.
Diversification Opportunities for Guinness Atkinson and Calvert Global
0.9 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Guinness and Calvert is 0.9. Overlapping area represents the amount of risk that can be diversified away by holding Guinness Atkinson Global and Calvert Global Energy in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calvert Global Energy and Guinness Atkinson 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 Guinness Atkinson Global are associated (or correlated) with Calvert Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Calvert Global Energy has no effect on the direction of Guinness Atkinson i.e., Guinness Atkinson and Calvert Global go up and down completely randomly.
Pair Corralation between Guinness Atkinson and Calvert Global
Assuming the 90 days horizon Guinness Atkinson is expected to generate 1.36 times less return on investment than Calvert Global. In addition to that, Guinness Atkinson is 1.25 times more volatile than Calvert Global Energy. It trades about 0.23 of its total potential returns per unit of risk. Calvert Global Energy is currently generating about 0.38 per unit of volatility. If you would invest 1,056 in Calvert Global Energy on April 30, 2025 and sell it today you would earn a total of 217.00 from holding Calvert Global Energy or generate 20.55% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Guinness Atkinson Global vs. Calvert Global Energy
Performance |
| Timeline |
| Guinness Atkinson Global |
| Calvert Global Energy |
Guinness Atkinson and Calvert Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Guinness Atkinson and Calvert Global
The main advantage of trading using opposite Guinness Atkinson and Calvert Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Guinness Atkinson position performs unexpectedly, Calvert Global 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 Calvert Global will offset losses from the drop in Calvert Global's long position.| Guinness Atkinson vs. Guinness Atkinson Alternative | Guinness Atkinson vs. Oil Gas Ultrasector | Guinness Atkinson vs. Global Resources Fund | Guinness Atkinson vs. Invesco Energy Fund |
| Calvert Global vs. Goldman Sachs Technology | Calvert Global vs. Baron Select Funds | Calvert Global vs. Global Technology Portfolio | Calvert Global vs. Vanguard Information Technology |
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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
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