Correlation Between Calamos Dynamic and Dreyfus Government
Can any of the company-specific risk be diversified away by investing in both Calamos Dynamic and Dreyfus Government 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 Dreyfus Government 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 Dreyfus Government Cash, you can compare the effects of market volatilities on Calamos Dynamic and Dreyfus Government 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 Dreyfus Government. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Dynamic and Dreyfus Government.
Diversification Opportunities for Calamos Dynamic and Dreyfus Government
0.51 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Calamos and Dreyfus is 0.51. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Dynamic Convertible and Dreyfus Government Cash in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Dreyfus Government Cash 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 Dreyfus Government. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Dreyfus Government Cash has no effect on the direction of Calamos Dynamic i.e., Calamos Dynamic and Dreyfus Government go up and down completely randomly.
Pair Corralation between Calamos Dynamic and Dreyfus Government
If you would invest 2,372 in Calamos Dynamic Convertible on September 3, 2024 and sell it today you would earn a total of 5.00 from holding Calamos Dynamic Convertible or generate 0.21% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 95.24% |
| Values | Daily Returns |
Calamos Dynamic Convertible vs. Dreyfus Government Cash
Performance |
| Timeline |
| Calamos Dynamic Conv |
| Dreyfus Government Cash |
Calamos Dynamic and Dreyfus Government Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Dynamic and Dreyfus Government
The main advantage of trading using opposite Calamos Dynamic and Dreyfus Government positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Dynamic position performs unexpectedly, Dreyfus Government 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 Dreyfus Government will offset losses from the drop in Dreyfus Government'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 |
| Dreyfus Government vs. Allianzgi Convertible Income | Dreyfus Government vs. Lord Abbett Convertible | Dreyfus Government vs. Calamos Dynamic Convertible | Dreyfus Government vs. Rationalpier 88 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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
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