Correlation Between Calamos Dynamic and Blackrock All-cap
Can any of the company-specific risk be diversified away by investing in both Calamos Dynamic and Blackrock All-cap 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 Blackrock All-cap 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 Blackrock All Cap Energy, you can compare the effects of market volatilities on Calamos Dynamic and Blackrock All-cap 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 Blackrock All-cap. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Dynamic and Blackrock All-cap.
Diversification Opportunities for Calamos Dynamic and Blackrock All-cap
-0.41 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Calamos and Blackrock is -0.41. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Dynamic Convertible and Blackrock All Cap Energy in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Blackrock All Cap 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 Blackrock All-cap. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Blackrock All Cap has no effect on the direction of Calamos Dynamic i.e., Calamos Dynamic and Blackrock All-cap go up and down completely randomly.
Pair Corralation between Calamos Dynamic and Blackrock All-cap
Considering the 90-day investment horizon Calamos Dynamic Convertible is expected to generate 0.96 times more return on investment than Blackrock All-cap. However, Calamos Dynamic Convertible is 1.04 times less risky than Blackrock All-cap. It trades about 0.07 of its potential returns per unit of risk. Blackrock All Cap Energy is currently generating about -0.06 per unit of risk. If you would invest 2,433 in Calamos Dynamic Convertible on November 7, 2024 and sell it today you would earn a total of 30.00 from holding Calamos Dynamic Convertible or generate 1.23% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 95.0% |
| Values | Daily Returns |
Calamos Dynamic Convertible vs. Blackrock All Cap Energy
Performance |
| Timeline |
| Calamos Dynamic Conv |
| Blackrock All Cap |
Calamos Dynamic and Blackrock All-cap Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Dynamic and Blackrock All-cap
The main advantage of trading using opposite Calamos Dynamic and Blackrock All-cap positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Dynamic position performs unexpectedly, Blackrock All-cap 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 Blackrock All-cap will offset losses from the drop in Blackrock All-cap'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 |
| Blackrock All-cap vs. Stringer Growth Fund | Blackrock All-cap vs. T Rowe Price | Blackrock All-cap vs. Small Pany Growth | Blackrock All-cap vs. The Hartford Growth |
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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
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