Correlation Between Calamos Dynamic and Sit Esg
Can any of the company-specific risk be diversified away by investing in both Calamos Dynamic and Sit Esg 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 Sit Esg 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 Sit Esg Growth, you can compare the effects of market volatilities on Calamos Dynamic and Sit Esg 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 Sit Esg. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Dynamic and Sit Esg.
Diversification Opportunities for Calamos Dynamic and Sit Esg
0.11 | Correlation Coefficient |
Average diversification
The 3 months correlation between Calamos and Sit is 0.11. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Dynamic Convertible and Sit Esg Growth in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sit Esg Growth 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 Sit Esg. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sit Esg Growth has no effect on the direction of Calamos Dynamic i.e., Calamos Dynamic and Sit Esg go up and down completely randomly.
Pair Corralation between Calamos Dynamic and Sit Esg
Considering the 90-day investment horizon Calamos Dynamic Convertible is expected to under-perform the Sit Esg. In addition to that, Calamos Dynamic is 1.69 times more volatile than Sit Esg Growth. It trades about -0.22 of its total potential returns per unit of risk. Sit Esg Growth is currently generating about 0.1 per unit of volatility. If you would invest 2,288 in Sit Esg Growth on September 12, 2024 and sell it today you would earn a total of 26.00 from holding Sit Esg Growth or generate 1.14% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
Calamos Dynamic Convertible vs. Sit Esg Growth
Performance |
| Timeline |
| Calamos Dynamic Conv |
| Sit Esg Growth |
Calamos Dynamic and Sit Esg Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Dynamic and Sit Esg
The main advantage of trading using opposite Calamos Dynamic and Sit Esg positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Dynamic position performs unexpectedly, Sit Esg 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 Sit Esg will offset losses from the drop in Sit Esg'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 |
| Sit Esg vs. Eagle Mlp Strategy | Sit Esg vs. Pnc Emerging Markets | Sit Esg vs. Transamerica Emerging Markets | Sit Esg vs. Ashmore Emerging Markets |
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 Bond Analysis module to evaluate and analyze corporate bonds as a potential investment for your portfolios..
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