Correlation Between Calamos Dynamic and International Investors
Can any of the company-specific risk be diversified away by investing in both Calamos Dynamic and International Investors 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 International Investors 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 International Investors Gold, you can compare the effects of market volatilities on Calamos Dynamic and International Investors 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 International Investors. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Dynamic and International Investors.
Diversification Opportunities for Calamos Dynamic and International Investors
-0.39 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Calamos and International is -0.39. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Dynamic Convertible and International Investors Gold in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on International Investors 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 International Investors. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of International Investors has no effect on the direction of Calamos Dynamic i.e., Calamos Dynamic and International Investors go up and down completely randomly.
Pair Corralation between Calamos Dynamic and International Investors
Considering the 90-day investment horizon Calamos Dynamic is expected to generate 170.0 times less return on investment than International Investors. But when comparing it to its historical volatility, Calamos Dynamic Convertible is 1.49 times less risky than International Investors. It trades about 0.0 of its potential returns per unit of risk. International Investors Gold is currently generating about 0.47 of returns per unit of risk over similar time horizon. If you would invest 1,066 in International Investors Gold on November 6, 2024 and sell it today you would earn a total of 133.00 from holding International Investors Gold or generate 12.48% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Calamos Dynamic Convertible vs. International Investors Gold
Performance |
| Timeline |
| Calamos Dynamic Conv |
| International Investors |
Calamos Dynamic and International Investors Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Dynamic and International Investors
The main advantage of trading using opposite Calamos Dynamic and International Investors positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Dynamic position performs unexpectedly, International Investors 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 International Investors will offset losses from the drop in International Investors' 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 |
| International Investors vs. Heartland Value Plus | International Investors vs. Valic Company I | International Investors vs. Fidelity Small Cap | International Investors vs. Victory Rs Partners |
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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
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