Correlation Between Calamos Dynamic and Invesco Peak
Can any of the company-specific risk be diversified away by investing in both Calamos Dynamic and Invesco Peak 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 Invesco Peak 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 Invesco Peak Retirement, you can compare the effects of market volatilities on Calamos Dynamic and Invesco Peak 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 Invesco Peak. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Dynamic and Invesco Peak.
Diversification Opportunities for Calamos Dynamic and Invesco Peak
0.58 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Calamos and Invesco is 0.58. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Dynamic Convertible and Invesco Peak Retirement in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Invesco Peak Retirement 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 Invesco Peak. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Invesco Peak Retirement has no effect on the direction of Calamos Dynamic i.e., Calamos Dynamic and Invesco Peak go up and down completely randomly.
Pair Corralation between Calamos Dynamic and Invesco Peak
If you would invest 2,320 in Calamos Dynamic Convertible on September 4, 2024 and sell it today you would earn a total of 57.00 from holding Calamos Dynamic Convertible or generate 2.46% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 1.59% |
| Values | Daily Returns |
Calamos Dynamic Convertible vs. Invesco Peak Retirement
Performance |
| Timeline |
| Calamos Dynamic Conv |
| Invesco Peak Retirement |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Calamos Dynamic and Invesco Peak Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Dynamic and Invesco Peak
The main advantage of trading using opposite Calamos Dynamic and Invesco Peak positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Dynamic position performs unexpectedly, Invesco Peak 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 Invesco Peak will offset losses from the drop in Invesco Peak'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 |
| Invesco Peak vs. Allianzgi Convertible Income | Invesco Peak vs. Advent Claymore Convertible | Invesco Peak vs. Gabelli Convertible And | Invesco Peak 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 Portfolio Comparator module to compare the composition, asset allocations and performance of any two portfolios in your account.
Other Complementary Tools
| FinTech Suite Use AI to screen and filter profitable investment opportunities | |
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum | |
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences | |
| Portfolio Optimization Compute new portfolio that will generate highest expected return given your specified tolerance for risk |