Correlation Between Calamos Dynamic and Harbor Mid
Can any of the company-specific risk be diversified away by investing in both Calamos Dynamic and Harbor Mid 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 Mid 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 Mid Cap, you can compare the effects of market volatilities on Calamos Dynamic and Harbor Mid 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 Mid. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Dynamic and Harbor Mid.
Diversification Opportunities for Calamos Dynamic and Harbor Mid
0.35 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Calamos and Harbor is 0.35. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Dynamic Convertible and Harbor Mid Cap in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Harbor Mid Cap 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 Mid. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Harbor Mid Cap has no effect on the direction of Calamos Dynamic i.e., Calamos Dynamic and Harbor Mid go up and down completely randomly.
Pair Corralation between Calamos Dynamic and Harbor Mid
Considering the 90-day investment horizon Calamos Dynamic is expected to generate 23.62 times less return on investment than Harbor Mid. In addition to that, Calamos Dynamic is 1.03 times more volatile than Harbor Mid Cap. It trades about 0.01 of its total potential returns per unit of risk. Harbor Mid Cap is currently generating about 0.36 per unit of volatility. If you would invest 616.00 in Harbor Mid Cap on September 3, 2024 and sell it today you would earn a total of 50.00 from holding Harbor Mid Cap or generate 8.12% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Calamos Dynamic Convertible vs. Harbor Mid Cap
Performance |
| Timeline |
| Calamos Dynamic Conv |
| Harbor Mid Cap |
Calamos Dynamic and Harbor Mid Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Dynamic and Harbor Mid
The main advantage of trading using opposite Calamos Dynamic and Harbor Mid positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Dynamic position performs unexpectedly, Harbor Mid 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 Mid will offset losses from the drop in Harbor Mid'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 Mid vs. Hennessy Bp Energy | Harbor Mid vs. Oil Gas Ultrasector | Harbor Mid vs. Franklin Natural Resources | Harbor Mid vs. Tortoise Energy Independence |
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 Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
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