Correlation Between Calamos Dynamic and Artisan Global
Can any of the company-specific risk be diversified away by investing in both Calamos Dynamic and Artisan Global 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 Artisan Global 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 Artisan Global Unconstrained, you can compare the effects of market volatilities on Calamos Dynamic and Artisan Global 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 Artisan Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Dynamic and Artisan Global.
Diversification Opportunities for Calamos Dynamic and Artisan Global
-0.47 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Calamos and Artisan is -0.47. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Dynamic Convertible and Artisan Global Unconstrained in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Artisan Global Uncon 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 Artisan Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Artisan Global Uncon has no effect on the direction of Calamos Dynamic i.e., Calamos Dynamic and Artisan Global go up and down completely randomly.
Pair Corralation between Calamos Dynamic and Artisan Global
Considering the 90-day investment horizon Calamos Dynamic Convertible is expected to generate 8.44 times more return on investment than Artisan Global. However, Calamos Dynamic is 8.44 times more volatile than Artisan Global Unconstrained. It trades about 0.1 of its potential returns per unit of risk. Artisan Global Unconstrained is currently generating about 0.21 per unit of risk. If you would invest 2,116 in Calamos Dynamic Convertible on September 19, 2024 and sell it today you would earn a total of 287.00 from holding Calamos Dynamic Convertible or generate 13.56% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 99.21% |
| Values | Daily Returns |
Calamos Dynamic Convertible vs. Artisan Global Unconstrained
Performance |
| Timeline |
| Calamos Dynamic Conv |
| Artisan Global Uncon |
Calamos Dynamic and Artisan Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Dynamic and Artisan Global
The main advantage of trading using opposite Calamos Dynamic and Artisan Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Dynamic position performs unexpectedly, Artisan Global 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 Artisan Global will offset losses from the drop in Artisan Global's long position.| Calamos Dynamic vs. Munivest Fund | Calamos Dynamic vs. MFS High Income | Calamos Dynamic vs. Franklin Templeton Limited | Calamos Dynamic vs. Clough Global Ef |
| Artisan Global vs. Allianzgi Convertible Income | Artisan Global vs. Calamos Dynamic Convertible | Artisan Global vs. Rationalpier 88 Convertible | Artisan Global vs. Putnam Convertible Incm Gwth |
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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.
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