Correlation Between Calamos Dynamic and Allianzgi Nfj
Can any of the company-specific risk be diversified away by investing in both Calamos Dynamic and Allianzgi Nfj 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 Dynamic and Allianzgi Nfj into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Calamos Dynamic Convertible and Allianzgi Nfj Dividend, you can compare the effects of market volatilities on Calamos Dynamic and Allianzgi Nfj 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 Dynamic with a short position of Allianzgi Nfj. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Dynamic and Allianzgi Nfj.
Diversification Opportunities for Calamos Dynamic and Allianzgi Nfj
0.39 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Calamos and Allianzgi is 0.39. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Dynamic Convertible and Allianzgi Nfj Dividend in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Allianzgi Nfj Dividend and Calamos Dynamic 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 Dynamic Convertible are associated (or correlated) with Allianzgi Nfj. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Allianzgi Nfj Dividend has no effect on the direction of Calamos Dynamic i.e., Calamos Dynamic and Allianzgi Nfj go up and down completely randomly.
Pair Corralation between Calamos Dynamic and Allianzgi Nfj
Considering the 90-day investment horizon Calamos Dynamic Convertible is expected to generate 1.27 times more return on investment than Allianzgi Nfj. However, Calamos Dynamic is 1.27 times more volatile than Allianzgi Nfj Dividend. It trades about 0.12 of its potential returns per unit of risk. Allianzgi Nfj Dividend is currently generating about 0.04 per unit of risk. If you would invest 1,811 in Calamos Dynamic Convertible on September 12, 2024 and sell it today you would earn a total of 570.00 from holding Calamos Dynamic Convertible or generate 31.47% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 44.13% |
| Values | Daily Returns |
Calamos Dynamic Convertible vs. Allianzgi Nfj Dividend
Performance |
| Timeline |
| Calamos Dynamic Conv |
| Allianzgi Nfj Dividend |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Calamos Dynamic and Allianzgi Nfj Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Dynamic and Allianzgi Nfj
The main advantage of trading using opposite Calamos Dynamic and Allianzgi Nfj positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Dynamic position performs unexpectedly, Allianzgi Nfj 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 Allianzgi Nfj will offset losses from the drop in Allianzgi Nfj's long position.| Calamos Dynamic vs. Calamos Convertible Opportunities | Calamos Dynamic vs. Calamos Global Dynamic | Calamos Dynamic vs. Calamos Strategic Total | Calamos Dynamic vs. Calamos LongShort Equity |
| Allianzgi Nfj vs. Fidelity Sai Convertible | Allianzgi Nfj vs. Allianzgi Convertible Income | Allianzgi Nfj vs. Calamos Dynamic Convertible | Allianzgi Nfj vs. Rationalpier 88 Convertible |
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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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