Correlation Between Calamos Dynamic and Energy Fund
Can any of the company-specific risk be diversified away by investing in both Calamos Dynamic and Energy Fund 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 Energy Fund 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 Energy Fund Class, you can compare the effects of market volatilities on Calamos Dynamic and Energy Fund 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 Energy Fund. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Dynamic and Energy Fund.
Diversification Opportunities for Calamos Dynamic and Energy Fund
-0.32 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Calamos and Energy is -0.32. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Dynamic Convertible and Energy Fund Class in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Energy Fund Class 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 Energy Fund. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Energy Fund Class has no effect on the direction of Calamos Dynamic i.e., Calamos Dynamic and Energy Fund go up and down completely randomly.
Pair Corralation between Calamos Dynamic and Energy Fund
Considering the 90-day investment horizon Calamos Dynamic Convertible is expected to generate 0.82 times more return on investment than Energy Fund. However, Calamos Dynamic Convertible is 1.22 times less risky than Energy Fund. It trades about 0.05 of its potential returns per unit of risk. Energy Fund Class is currently generating about 0.01 per unit of risk. If you would invest 1,882 in Calamos Dynamic Convertible on November 1, 2024 and sell it today you would earn a total of 526.00 from holding Calamos Dynamic Convertible or generate 27.95% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 99.8% |
| Values | Daily Returns |
Calamos Dynamic Convertible vs. Energy Fund Class
Performance |
| Timeline |
| Calamos Dynamic Conv |
| Energy Fund Class |
Calamos Dynamic and Energy Fund Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Dynamic and Energy Fund
The main advantage of trading using opposite Calamos Dynamic and Energy Fund positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Dynamic position performs unexpectedly, Energy Fund 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 Energy Fund will offset losses from the drop in Energy Fund'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 |
| Energy Fund vs. L Abbett Growth | Energy Fund vs. T Rowe Price | Energy Fund vs. Stringer Growth Fund | Energy Fund vs. Riverparknext Century Growth |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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