Correlation Between Calamos Dynamic and Brandywineglobal
Can any of the company-specific risk be diversified away by investing in both Calamos Dynamic and Brandywineglobal 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 Brandywineglobal 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 Brandywineglobal Corporate, you can compare the effects of market volatilities on Calamos Dynamic and Brandywineglobal 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 Brandywineglobal. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Dynamic and Brandywineglobal.
Diversification Opportunities for Calamos Dynamic and Brandywineglobal
0.4 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Calamos and Brandywineglobal is 0.4. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Dynamic Convertible and Brandywineglobal Corporate in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Brandywineglobal C 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 Brandywineglobal. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Brandywineglobal C has no effect on the direction of Calamos Dynamic i.e., Calamos Dynamic and Brandywineglobal go up and down completely randomly.
Pair Corralation between Calamos Dynamic and Brandywineglobal
Considering the 90-day investment horizon Calamos Dynamic Convertible is expected to generate 6.58 times more return on investment than Brandywineglobal. However, Calamos Dynamic is 6.58 times more volatile than Brandywineglobal Corporate. It trades about 0.1 of its potential returns per unit of risk. Brandywineglobal Corporate is currently generating about 0.21 per unit of risk. If you would invest 2,011 in Calamos Dynamic Convertible on September 3, 2024 and sell it today you would earn a total of 366.00 from holding Calamos Dynamic Convertible or generate 18.2% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Calamos Dynamic Convertible vs. Brandywineglobal Corporate
Performance |
| Timeline |
| Calamos Dynamic Conv |
| Brandywineglobal C |
Calamos Dynamic and Brandywineglobal Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Dynamic and Brandywineglobal
The main advantage of trading using opposite Calamos Dynamic and Brandywineglobal positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Dynamic position performs unexpectedly, Brandywineglobal 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 Brandywineglobal will offset losses from the drop in Brandywineglobal'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 |
| Brandywineglobal vs. Vanguard High Yield Corporate | Brandywineglobal vs. Vanguard High Yield Porate | Brandywineglobal vs. Blackrock Hi Yld | Brandywineglobal vs. Blackrock High Yield |
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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
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