Correlation Between Calamos Dynamic and Harbor Convertible
Can any of the company-specific risk be diversified away by investing in both Calamos Dynamic and Harbor Convertible 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 Harbor Convertible 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 Harbor Vertible Securities, you can compare the effects of market volatilities on Calamos Dynamic and Harbor Convertible 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 Harbor Convertible. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Dynamic and Harbor Convertible.
Diversification Opportunities for Calamos Dynamic and Harbor Convertible
0.43 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Calamos and Harbor is 0.43. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Dynamic Convertible and Harbor Vertible Securities in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Harbor Vertible Secu 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 Harbor Convertible. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Harbor Vertible Secu has no effect on the direction of Calamos Dynamic i.e., Calamos Dynamic and Harbor Convertible go up and down completely randomly.
Pair Corralation between Calamos Dynamic and Harbor Convertible
Considering the 90-day investment horizon Calamos Dynamic Convertible is expected to under-perform the Harbor Convertible. In addition to that, Calamos Dynamic is 1.74 times more volatile than Harbor Vertible Securities. It trades about -0.01 of its total potential returns per unit of risk. Harbor Vertible Securities is currently generating about 0.47 per unit of volatility. If you would invest 1,118 in Harbor Vertible Securities on August 24, 2024 and sell it today you would earn a total of 68.00 from holding Harbor Vertible Securities or generate 6.08% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Calamos Dynamic Convertible vs. Harbor Vertible Securities
Performance |
| Timeline |
| Calamos Dynamic Conv |
| Harbor Vertible Secu |
Calamos Dynamic and Harbor Convertible Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Dynamic and Harbor Convertible
The main advantage of trading using opposite Calamos Dynamic and Harbor Convertible positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Dynamic position performs unexpectedly, Harbor Convertible 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 Harbor Convertible will offset losses from the drop in Harbor Convertible'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 |
| Harbor Convertible vs. Franklin Vertible Securities | Harbor Convertible vs. Franklin Vertible Securities | Harbor Convertible vs. Franklin Vertible Securities | Harbor Convertible vs. Allianzgi Vertible Fund |
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 Pair Correlation module to compare performance and examine fundamental relationship between any two equity instruments.
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