Correlation Between Calamos Dynamic and Gabelli Utilities
Can any of the company-specific risk be diversified away by investing in both Calamos Dynamic and Gabelli Utilities 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 Gabelli Utilities 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 Gabelli Utilities, you can compare the effects of market volatilities on Calamos Dynamic and Gabelli Utilities 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 Gabelli Utilities. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Dynamic and Gabelli Utilities.
Diversification Opportunities for Calamos Dynamic and Gabelli Utilities
0.48 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Calamos and Gabelli is 0.48. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Dynamic Convertible and Gabelli Utilities in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Gabelli Utilities 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 Gabelli Utilities. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Gabelli Utilities has no effect on the direction of Calamos Dynamic i.e., Calamos Dynamic and Gabelli Utilities go up and down completely randomly.
Pair Corralation between Calamos Dynamic and Gabelli Utilities
Considering the 90-day investment horizon Calamos Dynamic Convertible is expected to under-perform the Gabelli Utilities. In addition to that, Calamos Dynamic is 1.35 times more volatile than Gabelli Utilities. It trades about 0.0 of its total potential returns per unit of risk. Gabelli Utilities is currently generating about 0.18 per unit of volatility. If you would invest 598.00 in Gabelli Utilities on September 1, 2024 and sell it today you would earn a total of 19.00 from holding Gabelli Utilities or generate 3.18% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
Calamos Dynamic Convertible vs. Gabelli Utilities
Performance |
| Timeline |
| Calamos Dynamic Conv |
| Gabelli Utilities |
Calamos Dynamic and Gabelli Utilities Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Dynamic and Gabelli Utilities
The main advantage of trading using opposite Calamos Dynamic and Gabelli Utilities positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Dynamic position performs unexpectedly, Gabelli Utilities 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 Gabelli Utilities will offset losses from the drop in Gabelli Utilities' 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 |
| Gabelli Utilities vs. Rationalpier 88 Convertible | Gabelli Utilities vs. Calamos Dynamic Convertible | Gabelli Utilities vs. Federated Ultrashort Bond | Gabelli Utilities vs. Ultra Short Fixed Income |
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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
Other Complementary Tools
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments | |
| Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios | |
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
| Volatility Analysis Get historical volatility and risk analysis based on latest market data |