Correlation Between Calamos Dynamic and Oppenheimer Roc
Can any of the company-specific risk be diversified away by investing in both Calamos Dynamic and Oppenheimer Roc 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 Oppenheimer Roc 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 Oppenheimer Roc Ca, you can compare the effects of market volatilities on Calamos Dynamic and Oppenheimer Roc 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 Oppenheimer Roc. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Dynamic and Oppenheimer Roc.
Diversification Opportunities for Calamos Dynamic and Oppenheimer Roc
-0.33 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Calamos and Oppenheimer is -0.33. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Dynamic Convertible and Oppenheimer Roc Ca in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Oppenheimer Roc Ca 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 Oppenheimer Roc. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Oppenheimer Roc Ca has no effect on the direction of Calamos Dynamic i.e., Calamos Dynamic and Oppenheimer Roc go up and down completely randomly.
Pair Corralation between Calamos Dynamic and Oppenheimer Roc
Considering the 90-day investment horizon Calamos Dynamic Convertible is expected to under-perform the Oppenheimer Roc. In addition to that, Calamos Dynamic is 3.67 times more volatile than Oppenheimer Roc Ca. It trades about -0.02 of its total potential returns per unit of risk. Oppenheimer Roc Ca is currently generating about 0.0 per unit of volatility. If you would invest 800.00 in Oppenheimer Roc Ca on October 24, 2024 and sell it today you would earn a total of 0.00 from holding Oppenheimer Roc Ca or generate 0.0% 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. Oppenheimer Roc Ca
Performance |
| Timeline |
| Calamos Dynamic Conv |
| Oppenheimer Roc Ca |
Calamos Dynamic and Oppenheimer Roc Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Dynamic and Oppenheimer Roc
The main advantage of trading using opposite Calamos Dynamic and Oppenheimer Roc positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Dynamic position performs unexpectedly, Oppenheimer Roc 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 Oppenheimer Roc will offset losses from the drop in Oppenheimer Roc'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 |
| Oppenheimer Roc vs. Calamos Dynamic Convertible | Oppenheimer Roc vs. Lord Abbett Convertible | Oppenheimer Roc vs. Putnam Convertible Securities | Oppenheimer Roc vs. Virtus Convertible |
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 Comparator module to compare the composition, asset allocations and performance of any two portfolios in your account.
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