Correlation Between Calamos Dynamic and Oppenheimer Main
Can any of the company-specific risk be diversified away by investing in both Calamos Dynamic and Oppenheimer Main 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 Main 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 Main Street, you can compare the effects of market volatilities on Calamos Dynamic and Oppenheimer Main 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 Main. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Dynamic and Oppenheimer Main.
Diversification Opportunities for Calamos Dynamic and Oppenheimer Main
0.15 | Correlation Coefficient |
Average diversification
The 3 months correlation between Calamos and Oppenheimer is 0.15. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Dynamic Convertible and Oppenheimer Main Street in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Oppenheimer Main Street 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 Main. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Oppenheimer Main Street has no effect on the direction of Calamos Dynamic i.e., Calamos Dynamic and Oppenheimer Main go up and down completely randomly.
Pair Corralation between Calamos Dynamic and Oppenheimer Main
Considering the 90-day investment horizon Calamos Dynamic Convertible is expected to under-perform the Oppenheimer Main. But the fund apears to be less risky and, when comparing its historical volatility, Calamos Dynamic Convertible is 1.3 times less risky than Oppenheimer Main. The fund trades about 0.0 of its potential returns per unit of risk. The Oppenheimer Main Street is currently generating about 0.32 of returns per unit of risk over similar time horizon. If you would invest 2,316 in Oppenheimer Main Street on September 1, 2024 and sell it today you would earn a total of 248.00 from holding Oppenheimer Main Street or generate 10.71% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
Calamos Dynamic Convertible vs. Oppenheimer Main Street
Performance |
| Timeline |
| Calamos Dynamic Conv |
| Oppenheimer Main Street |
Calamos Dynamic and Oppenheimer Main Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Dynamic and Oppenheimer Main
The main advantage of trading using opposite Calamos Dynamic and Oppenheimer Main positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Dynamic position performs unexpectedly, Oppenheimer Main 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 Main will offset losses from the drop in Oppenheimer Main'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 Main vs. Virtus Convertible | Oppenheimer Main vs. The Gamco Global | Oppenheimer Main vs. Absolute Convertible Arbitrage | Oppenheimer Main vs. Calamos Dynamic 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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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