Correlation Between Calamos Dynamic and Mainstay Conservative
Can any of the company-specific risk be diversified away by investing in both Calamos Dynamic and Mainstay Conservative 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 Mainstay Conservative 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 Mainstay Conservative Etf, you can compare the effects of market volatilities on Calamos Dynamic and Mainstay Conservative 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 Mainstay Conservative. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Dynamic and Mainstay Conservative.
Diversification Opportunities for Calamos Dynamic and Mainstay Conservative
0.62 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Calamos and Mainstay is 0.62. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Dynamic Convertible and Mainstay Conservative Etf in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mainstay Conservative Etf 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 Mainstay Conservative. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mainstay Conservative Etf has no effect on the direction of Calamos Dynamic i.e., Calamos Dynamic and Mainstay Conservative go up and down completely randomly.
Pair Corralation between Calamos Dynamic and Mainstay Conservative
Considering the 90-day investment horizon Calamos Dynamic Convertible is expected to under-perform the Mainstay Conservative. In addition to that, Calamos Dynamic is 2.97 times more volatile than Mainstay Conservative Etf. It trades about 0.0 of its total potential returns per unit of risk. Mainstay Conservative Etf is currently generating about 0.39 per unit of volatility. If you would invest 1,092 in Mainstay Conservative Etf on September 2, 2024 and sell it today you would earn a total of 34.00 from holding Mainstay Conservative Etf or generate 3.11% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Calamos Dynamic Convertible vs. Mainstay Conservative Etf
Performance |
| Timeline |
| Calamos Dynamic Conv |
| Mainstay Conservative Etf |
Calamos Dynamic and Mainstay Conservative Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Dynamic and Mainstay Conservative
The main advantage of trading using opposite Calamos Dynamic and Mainstay Conservative positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Dynamic position performs unexpectedly, Mainstay Conservative 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 Mainstay Conservative will offset losses from the drop in Mainstay Conservative'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 |
| Mainstay Conservative vs. Mainstay High Yield | Mainstay Conservative vs. Mainstay Tax Free | Mainstay Conservative vs. Mainstay Income Builder | Mainstay Conservative vs. Mainstay Large Cap |
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 Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
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