Correlation Between Calamos Dynamic and Fs Real
Can any of the company-specific risk be diversified away by investing in both Calamos Dynamic and Fs 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 Fs 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 Fs Real Asset, you can compare the effects of market volatilities on Calamos Dynamic and Fs 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 Fs Real. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Dynamic and Fs Real.
Diversification Opportunities for Calamos Dynamic and Fs Real
0.56 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Calamos and FSRLX is 0.56. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Dynamic Convertible and Fs Real Asset in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fs Real Asset 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 Fs Real. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fs Real Asset has no effect on the direction of Calamos Dynamic i.e., Calamos Dynamic and Fs Real go up and down completely randomly.
Pair Corralation between Calamos Dynamic and Fs Real
Considering the 90-day investment horizon Calamos Dynamic is expected to generate 11.13 times less return on investment than Fs Real. In addition to that, Calamos Dynamic is 1.65 times more volatile than Fs Real Asset. It trades about 0.01 of its total potential returns per unit of risk. Fs Real Asset is currently generating about 0.27 per unit of volatility. If you would invest 1,291 in Fs Real Asset on September 4, 2024 and sell it today you would earn a total of 51.00 from holding Fs Real Asset or generate 3.95% 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. Fs Real Asset
Performance |
| Timeline |
| Calamos Dynamic Conv |
| Fs Real Asset |
Calamos Dynamic and Fs Real Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Dynamic and Fs Real
The main advantage of trading using opposite Calamos Dynamic and Fs Real positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Dynamic position performs unexpectedly, Fs 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 Fs Real will offset losses from the drop in Fs 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 |
| Fs Real vs. Fs Real Asset | Fs Real vs. Fs Multi Strategy Alt | Fs Real vs. Fs Multi Strategy Alt | Fs Real vs. Fidelity Global 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 Portfolio Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.
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