Correlation Between Calamos Dynamic and Baron Real
Can any of the company-specific risk be diversified away by investing in both Calamos Dynamic and Baron Real 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 Baron Real 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 Baron Real Estate, you can compare the effects of market volatilities on Calamos Dynamic and Baron Real 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 Baron Real. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Dynamic and Baron Real.
Diversification Opportunities for Calamos Dynamic and Baron Real
0.28 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Calamos and Baron is 0.28. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Dynamic Convertible and Baron Real Estate in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Baron Real Estate 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 Baron Real. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Baron Real Estate has no effect on the direction of Calamos Dynamic i.e., Calamos Dynamic and Baron Real go up and down completely randomly.
Pair Corralation between Calamos Dynamic and Baron Real
Considering the 90-day investment horizon Calamos Dynamic Convertible is expected to generate 1.05 times more return on investment than Baron Real. However, Calamos Dynamic is 1.05 times more volatile than Baron Real Estate. It trades about 0.13 of its potential returns per unit of risk. Baron Real Estate is currently generating about 0.12 per unit of risk. If you would invest 1,729 in Calamos Dynamic Convertible on September 4, 2024 and sell it today you would earn a total of 661.00 from holding Calamos Dynamic Convertible or generate 38.23% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 99.6% |
| Values | Daily Returns |
Calamos Dynamic Convertible vs. Baron Real Estate
Performance |
| Timeline |
| Calamos Dynamic Conv |
| Baron Real Estate |
Calamos Dynamic and Baron Real Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Dynamic and Baron Real
The main advantage of trading using opposite Calamos Dynamic and Baron Real positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Dynamic position performs unexpectedly, Baron Real 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 Baron Real will offset losses from the drop in Baron Real'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 |
| Baron Real vs. Rationalpier 88 Convertible | Baron Real vs. Calamos Dynamic Convertible | Baron Real vs. Limited Term Tax | Baron Real vs. Ambrus Core Bond |
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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
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