Calamos LongShort Correlations

CPZ Stock

USD 15.69 0.04 0.26%

The current 90-days correlation between Calamos LongShort Equity and Calamos Convertible Opportunities is 0.18 (i.e., Average diversification). The correlation of Calamos LongShort is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak. If the correlation is 0, the equities are not correlated; they are entirely random.

Calamos LongShort Correlation With Market

Average diversification

The correlation between Calamos LongShort Equity and DJI is 0.1 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Calamos LongShort Equity and DJI in the same portfolio, assuming nothing else is changed.

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Calamos LongShort Equity. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in american community survey.

Moving together with Calamos Stock

0.68	CG	Carlyle Group Earnings Call This Week	Pair Corr
0.78	FCFS	FirstCash	Pair Corr
0.65	EFC	Ellington Financial	Pair Corr
0.62	OPY	Oppenheimer Holdings	Pair Corr

Moving against Calamos Stock

0.54	WU	Western Union Earnings Call This Week	Pair Corr
0.43	WD	Walker Dunlop	Pair Corr
0.39	VRTS	Virtus Investment Earnings Call Today	Pair Corr
0.52	MITT	AG Mortgage Investment	Pair Corr
0.37	MKTX	MarketAxess Holdings	Pair Corr

Related Correlations Analysis

	CHI	CHY	CSQ	CCD	CXH	IHTA	EOT	NXC	FMN	CHW
CHI		0.87	0.42	0.18	0.33	0.09	-0.06	-0.16	0.02	0.44	CHI
CHY	0.87		0.04	-0.08	0.37	-0.25	0.18	0.09	0.15	0.41	CHY
CSQ	0.42	0.04		0.29	0.24	0.52	-0.2	-0.39	0.08	0.48	CSQ
CCD	0.18	-0.08	0.29		-0.57	0.54	-0.66	-0.48	-0.59	-0.2	CCD
CXH	0.33	0.37	0.24	-0.57		-0.38	0.64	0.34	0.71	0.66	CXH
IHTA	0.09	-0.25	0.52	0.54	-0.38		-0.86	-0.87	-0.67	-0.41	IHTA
EOT	-0.06	0.18	-0.2	-0.66	0.64	-0.86		0.84	0.87	0.6	EOT
NXC	-0.16	0.09	-0.39	-0.48	0.34	-0.87	0.84		0.65	0.4	NXC
FMN	0.02	0.15	0.08	-0.59	0.71	-0.67	0.87	0.65		0.75	FMN
CHW	0.44	0.41	0.48	-0.2	0.66	-0.41	0.6	0.4	0.75		CHW
	CHI	CHY	CSQ	CCD	CXH	IHTA	EOT	NXC	FMN	CHW

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

CHY	+ 0.87	CHI
FMN	+ 0.87	EOT
NXC	+ 0.84	EOT
CHW	+ 0.75	FMN
FMN	+ 0.71	CXH
CHW	+ 0.66	CXH

High negative correlations

NXC	- 0.87	IHTA
EOT	- 0.86	IHTA
FMN	- 0.67	IHTA
EOT	- 0.66	CCD
FMN	- 0.59	CCD
CXH	- 0.57	CCD

Risk-Adjusted Indicators

There is a big difference between Calamos Stock performing well and Calamos LongShort Company doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Calamos LongShort's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
CHI	0.79	(0.03)	0.00	(0.06)	0.00	0.00	1.76	(1.73)	4.34
CHY	0.74	(0.07)	0.00	(0.34)	0.00	0.00	1.61	(1.59)	4.02
CSQ	0.64	0.05	0.00	0.22	0.81	(0.69)	1.37	(1.30)	5.17
CCD	0.69	(0.01)	(0.08)	0.03	0.92	(0.72)	1.54	(1.54)	4.87
CXH	0.43	(0.01)	(0.12)	(0.29)	0.68	(0.40)	0.76	(1.01)	3.18
IHTA	0.23	0.05	(0.09)	(1.16)	0.25	(0.31)	0.68	(0.27)	2.03
EOT	0.46	(0.07)	0.00	(0.67)	0.00	0.00	0.87	(1.01)	2.88
NXC	0.43	(0.06)	0.00	(0.40)	0.00	0.00	0.82	(0.97)	3.97
FMN	0.50	(0.06)	0.00	(0.25)	0.00	0.00	1.07	(1.09)	2.60
CHW	0.66	(0.06)	0.00	(0.08)	0.00	0.00	1.29	(1.43)	3.89

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