Correlation Between Calamos Dynamic and Brf Clf
Can any of the company-specific risk be diversified away by investing in both Calamos Dynamic and Brf Clf 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 Brf Clf 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 Brf Clf Mplop, you can compare the effects of market volatilities on Calamos Dynamic and Brf Clf 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 Brf Clf. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Dynamic and Brf Clf.
Diversification Opportunities for Calamos Dynamic and Brf Clf
-0.12 | Correlation Coefficient |
Good diversification
The 3 months correlation between Calamos and Brf is -0.12. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Dynamic Convertible and Brf Clf Mplop in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Brf Clf Mplop 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 Brf Clf. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Brf Clf Mplop has no effect on the direction of Calamos Dynamic i.e., Calamos Dynamic and Brf Clf go up and down completely randomly.
Pair Corralation between Calamos Dynamic and Brf Clf
Considering the 90-day investment horizon Calamos Dynamic Convertible is expected to generate 5.21 times more return on investment than Brf Clf. However, Calamos Dynamic is 5.21 times more volatile than Brf Clf Mplop. It trades about 0.07 of its potential returns per unit of risk. Brf Clf Mplop is currently generating about 0.09 per unit of risk. If you would invest 1,684 in Calamos Dynamic Convertible on September 14, 2024 and sell it today you would earn a total of 712.00 from holding Calamos Dynamic Convertible or generate 42.28% 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. Brf Clf Mplop
Performance |
| Timeline |
| Calamos Dynamic Conv |
| Brf Clf Mplop |
Calamos Dynamic and Brf Clf Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Dynamic and Brf Clf
The main advantage of trading using opposite Calamos Dynamic and Brf Clf positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Dynamic position performs unexpectedly, Brf Clf 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 Brf Clf will offset losses from the drop in Brf Clf'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 |
| Brf Clf vs. Franklin Gold Precious | Brf Clf vs. Precious Metals And | Brf Clf vs. Oppenheimer Gold Special | Brf Clf vs. Gabelli Gold Fund |
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 Portfolio Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
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