Correlation Between Calamos Dynamic and Mainstay Map
Can any of the company-specific risk be diversified away by investing in both Calamos Dynamic and Mainstay Map 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 Map 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 Map Equity, you can compare the effects of market volatilities on Calamos Dynamic and Mainstay Map 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 Map. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Dynamic and Mainstay Map.
Diversification Opportunities for Calamos Dynamic and Mainstay Map
0.04 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Calamos and Mainstay is 0.04. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Dynamic Convertible and Mainstay Map Equity in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mainstay Map Equity 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 Map. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mainstay Map Equity has no effect on the direction of Calamos Dynamic i.e., Calamos Dynamic and Mainstay Map go up and down completely randomly.
Pair Corralation between Calamos Dynamic and Mainstay Map
Considering the 90-day investment horizon Calamos Dynamic Convertible is expected to generate 0.75 times more return on investment than Mainstay Map. However, Calamos Dynamic Convertible is 1.34 times less risky than Mainstay Map. It trades about -0.22 of its potential returns per unit of risk. Mainstay Map Equity is currently generating about -0.27 per unit of risk. If you would invest 2,485 in Calamos Dynamic Convertible on September 12, 2024 and sell it today you would lose (104.00) from holding Calamos Dynamic Convertible or give up 4.19% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Calamos Dynamic Convertible vs. Mainstay Map Equity
Performance |
| Timeline |
| Calamos Dynamic Conv |
| Mainstay Map Equity |
Calamos Dynamic and Mainstay Map Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Dynamic and Mainstay Map
The main advantage of trading using opposite Calamos Dynamic and Mainstay Map positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Dynamic position performs unexpectedly, Mainstay Map 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 Map will offset losses from the drop in Mainstay Map'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 Map vs. Alliancebernstein Bond | Mainstay Map vs. Artisan High Income | Mainstay Map vs. Touchstone Premium Yield | Mainstay Map vs. Franklin High Yield |
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 Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.
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