Correlation Between Icon Natural and Calvert Capital

Can any of the company-specific risk be diversified away by investing in both Icon Natural and Calvert Capital 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 Icon Natural and Calvert Capital into the same portfolio, which is an essential part of the fundamental portfolio management process.

By analyzing existing cross correlation between Icon Natural Resources and Calvert Capital Accumulation, you can compare the effects of market volatilities on Icon Natural and Calvert Capital 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 Icon Natural with a short position of Calvert Capital. Check out your portfolio center. Please also check ongoing floating volatility patterns of Icon Natural and Calvert Capital.

Diversification Opportunities for Icon Natural and Calvert Capital

0.23

Correlation Coefficient

Icon Natural  Calvert Capital

Modest diversification

The 3 months correlation between Icon and Calvert is 0.23. Overlapping area represents the amount of risk that can be diversified away by holding Icon Natural Resources and Calvert Capital Accumulation in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calvert Capital Accu and Icon Natural 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 Icon Natural Resources are associated (or correlated) with Calvert Capital. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Calvert Capital Accu has no effect on the direction of Icon Natural i.e., Icon Natural and Calvert Capital go up and down completely randomly.

Pair Corralation between Icon Natural and Calvert Capital

Assuming the 90 days horizon Icon Natural Resources is expected to generate 0.49 times more return on investment than Calvert Capital. However, Icon Natural Resources is 2.02 times less risky than Calvert Capital. It trades about 0.15 of its potential returns per unit of risk. Calvert Capital Accumulation is currently generating about -0.09 per unit of risk. If you would invest  1,652  in Icon Natural Resources on June 14, 2025 and sell it today you would earn a total of  190.00  from holding Icon Natural Resources or generate 11.5% return on investment over 90 days.

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

Icon Natural Resources  vs.  Calvert Capital Accumulation

Icon Natural Resources

Risk-Adjusted Performance

Good

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

Calvert Capital Accu

Risk-Adjusted Performance

Weakest

Over the last 90 days Calvert Capital Accumulation has generated negative risk-adjusted returns adding no value to fund investors. In spite of weak performance in the last few months, the Fund's technical and fundamental indicators remain fairly strong which may send shares a bit higher in October 2025. The current disturbance may also be a sign of long term up-swing for the fund investors.

Pair Trading with Icon Natural and Calvert Capital

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

The idea behind Icon Natural Resources and Calvert Capital Accumulation 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 Stocks Directory module to find actively traded stocks across global markets.