Correlation Between Calamos Global and Utilities Fund

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

Diversification Opportunities for Calamos Global and Utilities Fund

0.4

Correlation Coefficient

Calamos Global  Utilities Fund

Very weak diversification

The 3 months correlation between Calamos and Utilities is 0.4. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Global Growth and Utilities Fund Class in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Utilities Fund Class 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 Utilities Fund. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Utilities Fund Class has no effect on the direction of Calamos Global i.e., Calamos Global and Utilities Fund go up and down completely randomly.

Pair Corralation between Calamos Global and Utilities Fund

Assuming the 90 days horizon Calamos Global is expected to generate 2.49 times less return on investment than Utilities Fund. In addition to that, Calamos Global is 1.05 times more volatile than Utilities Fund Class. It trades about 0.02 of its total potential returns per unit of risk. Utilities Fund Class is currently generating about 0.05 per unit of volatility. If you would invest  5,555  in Utilities Fund Class on September 16, 2025 and sell it today you would earn a total of  130.00  from holding Utilities Fund Class or generate 2.34% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Moves Together
Strength	Weak
Accuracy	98.44%
Values	Daily Returns

Calamos Global Growth  vs.  Utilities Fund Class

Calamos Global Growth

Risk-Adjusted Performance

Weak

Compared to the overall equity markets, risk-adjusted returns on investments in Calamos Global Growth are ranked lower than 1 (%) of all funds and portfolios of funds over the last 90 days. In spite of fairly strong basic indicators, Calamos Global is not utilizing all of its potentials. The current stock price disturbance, may contribute to short-term losses for the investors.

Utilities Fund Class

Risk-Adjusted Performance

Soft

Compared to the overall equity markets, risk-adjusted returns on investments in Utilities Fund Class are ranked lower than 4 (%) of all funds and portfolios of funds over the last 90 days. In spite of fairly strong basic indicators, Utilities Fund is not utilizing all of its potentials. The current stock price disturbance, may contribute to short-term losses for the investors.

Pair Trading with Calamos Global and Utilities Fund

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

The idea behind Calamos Global Growth and Utilities Fund Class 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.

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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.