Correlation Between Calamos Dynamic and Loomis Sayles
Can any of the company-specific risk be diversified away by investing in both Calamos Dynamic and Loomis Sayles 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 Loomis Sayles 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 Loomis Sayles Limited, you can compare the effects of market volatilities on Calamos Dynamic and Loomis Sayles 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 Loomis Sayles. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Dynamic and Loomis Sayles.
Diversification Opportunities for Calamos Dynamic and Loomis Sayles
-0.01 | Correlation Coefficient |
Good diversification
The 3 months correlation between Calamos and Loomis is -0.01. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Dynamic Convertible and Loomis Sayles Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Loomis Sayles Limited 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 Loomis Sayles. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Loomis Sayles Limited has no effect on the direction of Calamos Dynamic i.e., Calamos Dynamic and Loomis Sayles go up and down completely randomly.
Pair Corralation between Calamos Dynamic and Loomis Sayles
Considering the 90-day investment horizon Calamos Dynamic Convertible is expected to generate 7.01 times more return on investment than Loomis Sayles. However, Calamos Dynamic is 7.01 times more volatile than Loomis Sayles Limited. It trades about 0.13 of its potential returns per unit of risk. Loomis Sayles Limited is currently generating about 0.14 per unit of risk. If you would invest 1,746 in Calamos Dynamic Convertible on September 3, 2024 and sell it today you would earn a total of 631.00 from holding Calamos Dynamic Convertible or generate 36.14% 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. Loomis Sayles Limited
Performance |
| Timeline |
| Calamos Dynamic Conv |
| Loomis Sayles Limited |
Calamos Dynamic and Loomis Sayles Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Dynamic and Loomis Sayles
The main advantage of trading using opposite Calamos Dynamic and Loomis Sayles positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Dynamic position performs unexpectedly, Loomis Sayles 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 Loomis Sayles will offset losses from the drop in Loomis Sayles' 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 |
| Loomis Sayles vs. Shelton Emerging Markets | Loomis Sayles vs. Fundvantage Trust | Loomis Sayles vs. Locorr Market Trend | Loomis Sayles vs. The 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 Equity Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.
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