Correlation Between Calamos Dynamic and Voya Large
Can any of the company-specific risk be diversified away by investing in both Calamos Dynamic and Voya Large 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 Voya Large 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 Voya Large Cap, you can compare the effects of market volatilities on Calamos Dynamic and Voya Large 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 Voya Large. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Dynamic and Voya Large.
Diversification Opportunities for Calamos Dynamic and Voya Large
0.28 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Calamos and Voya is 0.28. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Dynamic Convertible and Voya Large Cap in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Voya Large 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 Voya Large. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Voya Large Cap has no effect on the direction of Calamos Dynamic i.e., Calamos Dynamic and Voya Large go up and down completely randomly.
Pair Corralation between Calamos Dynamic and Voya Large
Considering the 90-day investment horizon Calamos Dynamic Convertible is expected to generate 1.53 times more return on investment than Voya Large. However, Calamos Dynamic is 1.53 times more volatile than Voya Large Cap. It trades about 0.14 of its potential returns per unit of risk. Voya Large Cap is currently generating about 0.17 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. Voya Large Cap
Performance |
| Timeline |
| Calamos Dynamic Conv |
| Voya Large Cap |
Calamos Dynamic and Voya Large Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Dynamic and Voya Large
The main advantage of trading using opposite Calamos Dynamic and Voya Large positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Dynamic position performs unexpectedly, Voya Large 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 Voya Large will offset losses from the drop in Voya Large'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 |
| Voya Large vs. Morningstar Aggressive Growth | Voya Large vs. Federated Institutional High | Voya Large vs. Ab Global Risk | Voya Large vs. T Rowe Price |
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.
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