Correlation Between Calamos Global and Harding Loevner

Can any of the company-specific risk be diversified away by investing in both Calamos Global and Harding Loevner 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 Harding Loevner 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 Harding Loevner Global, you can compare the effects of market volatilities on Calamos Global and Harding Loevner 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 Harding Loevner. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Global and Harding Loevner.

Diversification Opportunities for Calamos Global and Harding Loevner

0.98

Correlation Coefficient

Calamos Global  Harding Loevner

Almost no diversification

The 3 months correlation between Calamos and Harding is 0.98. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Global Growth and Harding Loevner Global in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Harding Loevner Global 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 Harding Loevner. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Harding Loevner Global has no effect on the direction of Calamos Global i.e., Calamos Global and Harding Loevner go up and down completely randomly.

Pair Corralation between Calamos Global and Harding Loevner

Assuming the 90 days horizon Calamos Global Growth is expected to generate 0.8 times more return on investment than Harding Loevner. However, Calamos Global Growth is 1.25 times less risky than Harding Loevner. It trades about 0.28 of its potential returns per unit of risk. Harding Loevner Global is currently generating about 0.16 per unit of risk. If you would invest  1,212  in Calamos Global Growth on May 6, 2025 and sell it today you would earn a total of  114.00  from holding Calamos Global Growth or generate 9.41% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Moves Together
Strength	Very Strong
Accuracy	100.0%
Values	Daily Returns

Calamos Global Growth  vs.  Harding Loevner Global

Calamos Global Growth

Risk-Adjusted Performance

Solid

Compared to the overall equity markets, risk-adjusted returns on investments in Calamos Global Growth are ranked lower than 21 (%) of all funds and portfolios of funds over the last 90 days. In spite of fairly weak basic indicators, Calamos Global may actually be approaching a critical reversion point that can send shares even higher in September 2025.

Harding Loevner Global

Risk-Adjusted Performance

Good

Compared to the overall equity markets, risk-adjusted returns on investments in Harding Loevner Global are ranked lower than 12 (%) of all funds and portfolios of funds over the last 90 days. In spite of fairly weak basic indicators, Harding Loevner may actually be approaching a critical reversion point that can send shares even higher in September 2025.

Pair Trading with Calamos Global and Harding Loevner

The main advantage of trading using opposite Calamos Global and Harding Loevner positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Global position performs unexpectedly, Harding Loevner 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 Harding Loevner will offset losses from the drop in Harding Loevner's long position.

The idea behind Calamos Global Growth and Harding Loevner Global pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.

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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 File Import module to quickly import all of your third-party portfolios from your local drive in csv format.