Correlation Between Calamos Dynamic and Eventide Exponential
Can any of the company-specific risk be diversified away by investing in both Calamos Dynamic and Eventide Exponential 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 Eventide Exponential 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 Eventide Exponential Technologies, you can compare the effects of market volatilities on Calamos Dynamic and Eventide Exponential 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 Eventide Exponential. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Dynamic and Eventide Exponential.
Diversification Opportunities for Calamos Dynamic and Eventide Exponential
0.01 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Calamos and Eventide is 0.01. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Dynamic Convertible and Eventide Exponential Technolog in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Eventide Exponential 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 Eventide Exponential. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Eventide Exponential has no effect on the direction of Calamos Dynamic i.e., Calamos Dynamic and Eventide Exponential go up and down completely randomly.
Pair Corralation between Calamos Dynamic and Eventide Exponential
Considering the 90-day investment horizon Calamos Dynamic Convertible is expected to generate 0.67 times more return on investment than Eventide Exponential. However, Calamos Dynamic Convertible is 1.5 times less risky than Eventide Exponential. It trades about 0.07 of its potential returns per unit of risk. Eventide Exponential Technologies is currently generating about 0.04 per unit of risk. If you would invest 1,721 in Calamos Dynamic Convertible on September 5, 2024 and sell it today you would earn a total of 669.00 from holding Calamos Dynamic Convertible or generate 38.87% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 99.8% |
| Values | Daily Returns |
Calamos Dynamic Convertible vs. Eventide Exponential Technolog
Performance |
| Timeline |
| Calamos Dynamic Conv |
| Eventide Exponential |
Calamos Dynamic and Eventide Exponential Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Dynamic and Eventide Exponential
The main advantage of trading using opposite Calamos Dynamic and Eventide Exponential positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Dynamic position performs unexpectedly, Eventide Exponential 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 Eventide Exponential will offset losses from the drop in Eventide Exponential'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 |
| Eventide Exponential vs. Cs 607 Tax | Eventide Exponential vs. Federated Pennsylvania Municipal | Eventide Exponential vs. Franklin High Yield | Eventide Exponential vs. Gamco Global Telecommunications |
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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
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