Correlation Between Calamos Dynamic and Allianzgi Short
Can any of the company-specific risk be diversified away by investing in both Calamos Dynamic and Allianzgi Short 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 Short 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 Short Duration, you can compare the effects of market volatilities on Calamos Dynamic and Allianzgi Short 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 Short. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Dynamic and Allianzgi Short.
Diversification Opportunities for Calamos Dynamic and Allianzgi Short
0.01 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Calamos and Allianzgi is 0.01. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Dynamic Convertible and Allianzgi Short Duration in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Allianzgi Short Duration 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 Short. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Allianzgi Short Duration has no effect on the direction of Calamos Dynamic i.e., Calamos Dynamic and Allianzgi Short go up and down completely randomly.
Pair Corralation between Calamos Dynamic and Allianzgi Short
Considering the 90-day investment horizon Calamos Dynamic Convertible is expected to generate 6.55 times more return on investment than Allianzgi Short. However, Calamos Dynamic is 6.55 times more volatile than Allianzgi Short Duration. It trades about 0.1 of its potential returns per unit of risk. Allianzgi Short Duration is currently generating about 0.23 per unit of risk. If you would invest 1,738 in Calamos Dynamic Convertible on September 12, 2024 and sell it today you would earn a total of 643.00 from holding Calamos Dynamic Convertible or generate 37.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Calamos Dynamic Convertible vs. Allianzgi Short Duration
Performance |
| Timeline |
| Calamos Dynamic Conv |
| Allianzgi Short Duration |
Calamos Dynamic and Allianzgi Short Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Dynamic and Allianzgi Short
The main advantage of trading using opposite Calamos Dynamic and Allianzgi Short positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Dynamic position performs unexpectedly, Allianzgi Short 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 Short will offset losses from the drop in Allianzgi Short'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 Short vs. Gabelli Convertible And | Allianzgi Short vs. Calamos Dynamic Convertible | Allianzgi Short vs. Advent Claymore Convertible | Allianzgi Short 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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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