Correlation Between Calamos Dynamic and Calamos Global
Can any of the company-specific risk be diversified away by investing in both Calamos Dynamic and Calamos 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 Calamos 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 Calamos Global Dynamic, you can compare the effects of market volatilities on Calamos Dynamic and Calamos 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 Calamos Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Dynamic and Calamos Global.
Diversification Opportunities for Calamos Dynamic and Calamos Global
0.85 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Calamos and Calamos is 0.85. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Dynamic Convertible and Calamos Global Dynamic in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calamos Global Dynamic 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 Calamos Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Calamos Global Dynamic has no effect on the direction of Calamos Dynamic i.e., Calamos Dynamic and Calamos Global go up and down completely randomly.
Pair Corralation between Calamos Dynamic and Calamos Global
Considering the 90-day investment horizon Calamos Dynamic Convertible is expected to under-perform the Calamos Global. In addition to that, Calamos Dynamic is 1.29 times more volatile than Calamos Global Dynamic. It trades about -0.08 of its total potential returns per unit of risk. Calamos Global Dynamic is currently generating about -0.05 per unit of volatility. If you would invest 708.00 in Calamos Global Dynamic on August 28, 2024 and sell it today you would lose (7.00) from holding Calamos Global Dynamic or give up 0.99% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Calamos Dynamic Convertible vs. Calamos Global Dynamic
Performance |
| Timeline |
| Calamos Dynamic Conv |
| Calamos Global Dynamic |
Calamos Dynamic and Calamos Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Dynamic and Calamos Global
The main advantage of trading using opposite Calamos Dynamic and Calamos Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Dynamic position performs unexpectedly, Calamos 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 Calamos Global will offset losses from the drop in Calamos Global'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 |
| Calamos Global vs. Calamos Convertible And | Calamos Global vs. Calamos Strategic Total | Calamos Global vs. Calamos Dynamic Convertible | Calamos Global vs. Calamos LongShort Equity |
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 Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
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