Correlation Between Calamos Dynamic and Lazard Real
Can any of the company-specific risk be diversified away by investing in both Calamos Dynamic and Lazard Real 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 Lazard Real 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 Lazard Real Assets, you can compare the effects of market volatilities on Calamos Dynamic and Lazard Real 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 Lazard Real. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Dynamic and Lazard Real.
Diversification Opportunities for Calamos Dynamic and Lazard Real
-0.07 | Correlation Coefficient |
Good diversification
The 3 months correlation between Calamos and Lazard is -0.07. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Dynamic Convertible and Lazard Real Assets in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Lazard Real Assets 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 Lazard Real. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Lazard Real Assets has no effect on the direction of Calamos Dynamic i.e., Calamos Dynamic and Lazard Real go up and down completely randomly.
Pair Corralation between Calamos Dynamic and Lazard Real
Considering the 90-day investment horizon Calamos Dynamic Convertible is expected to generate 1.43 times more return on investment than Lazard Real. However, Calamos Dynamic is 1.43 times more volatile than Lazard Real Assets. It trades about 0.25 of its potential returns per unit of risk. Lazard Real Assets is currently generating about -0.36 per unit of risk. If you would invest 2,332 in Calamos Dynamic Convertible on October 7, 2024 and sell it today you would earn a total of 99.00 from holding Calamos Dynamic Convertible or generate 4.25% 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. Lazard Real Assets
Performance |
| Timeline |
| Calamos Dynamic Conv |
| Lazard Real Assets |
Calamos Dynamic and Lazard Real Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Dynamic and Lazard Real
The main advantage of trading using opposite Calamos Dynamic and Lazard Real positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Dynamic position performs unexpectedly, Lazard Real 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 Lazard Real will offset losses from the drop in Lazard Real'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 |
| Lazard Real vs. Buffalo High Yield | Lazard Real vs. Pace High Yield | Lazard Real vs. Siit High Yield | Lazard Real vs. Guggenheim 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 Comparator module to compare the composition, asset allocations and performance of any two portfolios in your account.
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