Correlation Between Calamos Dynamic and Integrity Short
Can any of the company-specific risk be diversified away by investing in both Calamos Dynamic and Integrity Short 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 Integrity Short 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 Integrity Short Term, you can compare the effects of market volatilities on Calamos Dynamic and Integrity Short 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 Integrity Short. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Dynamic and Integrity Short.
Diversification Opportunities for Calamos Dynamic and Integrity Short
0.35 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Calamos and Integrity is 0.35. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Dynamic Convertible and Integrity Short Term in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Integrity Short Term 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 Integrity Short. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Integrity Short Term has no effect on the direction of Calamos Dynamic i.e., Calamos Dynamic and Integrity Short go up and down completely randomly.
Pair Corralation between Calamos Dynamic and Integrity Short
Considering the 90-day investment horizon Calamos Dynamic Convertible is expected to generate 4.86 times more return on investment than Integrity Short. However, Calamos Dynamic is 4.86 times more volatile than Integrity Short Term. It trades about 0.06 of its potential returns per unit of risk. Integrity Short Term is currently generating about 0.09 per unit of risk. If you would invest 1,792 in Calamos Dynamic Convertible on August 29, 2024 and sell it today you would earn a total of 576.00 from holding Calamos Dynamic Convertible or generate 32.14% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Calamos Dynamic Convertible vs. Integrity Short Term
Performance |
| Timeline |
| Calamos Dynamic Conv |
| Integrity Short Term |
Calamos Dynamic and Integrity Short Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Dynamic and Integrity Short
The main advantage of trading using opposite Calamos Dynamic and Integrity Short positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Dynamic position performs unexpectedly, Integrity Short 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 Integrity Short will offset losses from the drop in Integrity Short's long position.| Calamos Dynamic vs. Gabelli Global Small | Calamos Dynamic vs. MFS Investment Grade | Calamos Dynamic vs. Eaton Vance National | Calamos Dynamic vs. GAMCO Natural Resources |
| Integrity Short vs. Calamos Dynamic Convertible | Integrity Short vs. Putnam Convertible Incm Gwth | Integrity Short vs. Gabelli Convertible And | Integrity Short vs. Allianzgi Convertible Income |
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 Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
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