Correlation Between Calamos Dynamic and Dunham Monthly
Can any of the company-specific risk be diversified away by investing in both Calamos Dynamic and Dunham Monthly 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 Dunham Monthly 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 Dunham Monthly Distribution, you can compare the effects of market volatilities on Calamos Dynamic and Dunham Monthly 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 Dunham Monthly. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Dynamic and Dunham Monthly.
Diversification Opportunities for Calamos Dynamic and Dunham Monthly
0.37 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Calamos and Dunham is 0.37. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Dynamic Convertible and Dunham Monthly Distribution in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Dunham Monthly Distr 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 Dunham Monthly. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Dunham Monthly Distr has no effect on the direction of Calamos Dynamic i.e., Calamos Dynamic and Dunham Monthly go up and down completely randomly.
Pair Corralation between Calamos Dynamic and Dunham Monthly
Considering the 90-day investment horizon Calamos Dynamic Convertible is expected to under-perform the Dunham Monthly. In addition to that, Calamos Dynamic is 3.33 times more volatile than Dunham Monthly Distribution. It trades about 0.0 of its total potential returns per unit of risk. Dunham Monthly Distribution is currently generating about 0.03 per unit of volatility. If you would invest 2,713 in Dunham Monthly Distribution on September 2, 2024 and sell it today you would earn a total of 5.00 from holding Dunham Monthly Distribution or generate 0.18% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Calamos Dynamic Convertible vs. Dunham Monthly Distribution
Performance |
| Timeline |
| Calamos Dynamic Conv |
| Dunham Monthly Distr |
Calamos Dynamic and Dunham Monthly Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Dynamic and Dunham Monthly
The main advantage of trading using opposite Calamos Dynamic and Dunham Monthly positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Dynamic position performs unexpectedly, Dunham Monthly 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 Dunham Monthly will offset losses from the drop in Dunham Monthly'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 |
| Dunham Monthly vs. Calamos Dynamic Convertible | Dunham Monthly vs. Gabelli Convertible And | Dunham Monthly vs. Virtus Convertible | Dunham Monthly vs. Lord Abbett 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 Portfolio Center module to all portfolio management and optimization tools to improve performance of your portfolios.
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