Correlation Between Calamos Dynamic and Nationwide Core
Can any of the company-specific risk be diversified away by investing in both Calamos Dynamic and Nationwide Core 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 Nationwide Core 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 Nationwide E Plus, you can compare the effects of market volatilities on Calamos Dynamic and Nationwide Core 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 Nationwide Core. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Dynamic and Nationwide Core.
Diversification Opportunities for Calamos Dynamic and Nationwide Core
-0.03 | Correlation Coefficient |
Good diversification
The 3 months correlation between Calamos and Nationwide is -0.03. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Dynamic Convertible and Nationwide E Plus in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nationwide E Plus 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 Nationwide Core. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nationwide E Plus has no effect on the direction of Calamos Dynamic i.e., Calamos Dynamic and Nationwide Core go up and down completely randomly.
Pair Corralation between Calamos Dynamic and Nationwide Core
Considering the 90-day investment horizon Calamos Dynamic Convertible is expected to under-perform the Nationwide Core. In addition to that, Calamos Dynamic is 3.16 times more volatile than Nationwide E Plus. It trades about -0.05 of its total potential returns per unit of risk. Nationwide E Plus is currently generating about 0.05 per unit of volatility. If you would invest 894.00 in Nationwide E Plus on August 30, 2024 and sell it today you would earn a total of 3.00 from holding Nationwide E Plus or generate 0.34% 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. Nationwide E Plus
Performance |
| Timeline |
| Calamos Dynamic Conv |
| Nationwide E Plus |
Calamos Dynamic and Nationwide Core Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Dynamic and Nationwide Core
The main advantage of trading using opposite Calamos Dynamic and Nationwide Core positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Dynamic position performs unexpectedly, Nationwide Core 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 Nationwide Core will offset losses from the drop in Nationwide Core'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 |
| Nationwide Core vs. Touchstone Premium Yield | Nationwide Core vs. Calamos Dynamic Convertible | Nationwide Core vs. Artisan High Income | Nationwide Core vs. Multisector Bond Sma |
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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
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