Correlation Between IAMGold and Calvert Short
Can any of the company-specific risk be diversified away by investing in both IAMGold and Calvert Short 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 IAMGold and Calvert Short into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between IAMGold and Calvert Short Duration, you can compare the effects of market volatilities on IAMGold and Calvert Short 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 IAMGold with a short position of Calvert Short. Check out your portfolio center. Please also check ongoing floating volatility patterns of IAMGold and Calvert Short.
Diversification Opportunities for IAMGold and Calvert Short
0.59 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between IAMGold and Calvert is 0.59. Overlapping area represents the amount of risk that can be diversified away by holding IAMGold and Calvert Short Duration in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calvert Short Duration and IAMGold 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 IAMGold are associated (or correlated) with Calvert Short. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Calvert Short Duration has no effect on the direction of IAMGold i.e., IAMGold and Calvert Short go up and down completely randomly.
Pair Corralation between IAMGold and Calvert Short
Considering the 90-day investment horizon IAMGold is expected to generate 23.56 times more return on investment than Calvert Short. However, IAMGold is 23.56 times more volatile than Calvert Short Duration. It trades about 0.15 of its potential returns per unit of risk. Calvert Short Duration is currently generating about 0.25 per unit of risk. If you would invest 684.00 in IAMGold on May 28, 2025 and sell it today you would earn a total of 199.00 from holding IAMGold or generate 29.09% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
IAMGold vs. Calvert Short Duration
Performance |
| Timeline |
| IAMGold |
| Calvert Short Duration |
IAMGold and Calvert Short Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with IAMGold and Calvert Short
The main advantage of trading using opposite IAMGold and Calvert Short positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IAMGold position performs unexpectedly, Calvert Short 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 Short will offset losses from the drop in Calvert Short's long position.| IAMGold vs. Gold Resource | IAMGold vs. McEwen Mining | IAMGold vs. Paramount Gold Nevada | IAMGold vs. Vista Gold |
| Calvert Short vs. Calvert Short Duration | Calvert Short vs. Calvert Short Duration | Calvert Short vs. Calvert Income Fund | Calvert Short vs. Calvert Long Term Income |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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