Correlation Between Calamos Dynamic and Columbia Integrated
Can any of the company-specific risk be diversified away by investing in both Calamos Dynamic and Columbia Integrated 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 Columbia Integrated 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 Columbia Integrated Large, you can compare the effects of market volatilities on Calamos Dynamic and Columbia Integrated 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 Columbia Integrated. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Dynamic and Columbia Integrated.
Diversification Opportunities for Calamos Dynamic and Columbia Integrated
0.2 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Calamos and Columbia is 0.2. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Dynamic Convertible and Columbia Integrated Large in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Columbia Integrated Large 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 Columbia Integrated. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Columbia Integrated Large has no effect on the direction of Calamos Dynamic i.e., Calamos Dynamic and Columbia Integrated go up and down completely randomly.
Pair Corralation between Calamos Dynamic and Columbia Integrated
Considering the 90-day investment horizon Calamos Dynamic Convertible is expected to generate 1.52 times more return on investment than Columbia Integrated. However, Calamos Dynamic is 1.52 times more volatile than Columbia Integrated Large. It trades about 0.14 of its potential returns per unit of risk. Columbia Integrated Large is currently generating about 0.16 per unit of risk. If you would invest 1,629 in Calamos Dynamic Convertible on September 1, 2024 and sell it today you would earn a total of 748.00 from holding Calamos Dynamic Convertible or generate 45.92% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 99.63% |
| Values | Daily Returns |
Calamos Dynamic Convertible vs. Columbia Integrated Large
Performance |
| Timeline |
| Calamos Dynamic Conv |
| Columbia Integrated Large |
Calamos Dynamic and Columbia Integrated Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Dynamic and Columbia Integrated
The main advantage of trading using opposite Calamos Dynamic and Columbia Integrated positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Dynamic position performs unexpectedly, Columbia Integrated 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 Columbia Integrated will offset losses from the drop in Columbia Integrated'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 |
| Columbia Integrated vs. Pnc Emerging Markets | Columbia Integrated vs. Eagle Mlp Strategy | Columbia Integrated vs. Doubleline Emerging Markets | Columbia Integrated vs. Dws 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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
Other Complementary Tools
| Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets | |
| Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios | |
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing | |
| Price Transformation Use Price Transformation models to analyze the depth of different equity instruments across global markets |