Correlation Between Calamos Dynamic and Massmutual Select
Can any of the company-specific risk be diversified away by investing in both Calamos Dynamic and Massmutual Select 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 Massmutual Select 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 Massmutual Select Mid Cap, you can compare the effects of market volatilities on Calamos Dynamic and Massmutual Select 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 Massmutual Select. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Dynamic and Massmutual Select.
Diversification Opportunities for Calamos Dynamic and Massmutual Select
-0.5 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Calamos and Massmutual is -0.5. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Dynamic Convertible and Massmutual Select Mid Cap in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Massmutual Select Mid 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 Massmutual Select. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Massmutual Select Mid has no effect on the direction of Calamos Dynamic i.e., Calamos Dynamic and Massmutual Select go up and down completely randomly.
Pair Corralation between Calamos Dynamic and Massmutual Select
Considering the 90-day investment horizon Calamos Dynamic Convertible is expected to generate 0.8 times more return on investment than Massmutual Select. However, Calamos Dynamic Convertible is 1.25 times less risky than Massmutual Select. It trades about 0.0 of its potential returns per unit of risk. Massmutual Select Mid Cap is currently generating about -0.06 per unit of risk. If you would invest 2,433 in Calamos Dynamic Convertible on November 6, 2024 and sell it today you would earn a total of 0.00 from holding Calamos Dynamic Convertible or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 94.74% |
| Values | Daily Returns |
Calamos Dynamic Convertible vs. Massmutual Select Mid Cap
Performance |
| Timeline |
| Calamos Dynamic Conv |
| Massmutual Select Mid |
Calamos Dynamic and Massmutual Select Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Dynamic and Massmutual Select
The main advantage of trading using opposite Calamos Dynamic and Massmutual Select positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Dynamic position performs unexpectedly, Massmutual Select 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 Massmutual Select will offset losses from the drop in Massmutual Select'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 |
| Massmutual Select vs. Financial Industries Fund | Massmutual Select vs. Goldman Sachs Financial | Massmutual Select vs. Gabelli Global Financial | Massmutual Select vs. Mesirow Financial Small |
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 Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
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