Correlation Between Calamos Dynamic and Steward Select
Can any of the company-specific risk be diversified away by investing in both Calamos Dynamic and Steward Select 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 Steward Select 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 Steward Select Bond, you can compare the effects of market volatilities on Calamos Dynamic and Steward Select 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 Steward Select. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Dynamic and Steward Select.
Diversification Opportunities for Calamos Dynamic and Steward Select
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Calamos and Steward is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Dynamic Convertible and Steward Select Bond in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Steward Select Bond 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 Steward Select. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Steward Select Bond has no effect on the direction of Calamos Dynamic i.e., Calamos Dynamic and Steward Select go up and down completely randomly.
Pair Corralation between Calamos Dynamic and Steward Select
If you would invest 2,425 in Steward Select Bond on August 29, 2024 and sell it today you would earn a total of 0.00 from holding Steward Select Bond or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 95.65% |
| Values | Daily Returns |
Calamos Dynamic Convertible vs. Steward Select Bond
Performance |
| Timeline |
| Calamos Dynamic Conv |
| Steward Select Bond |
Calamos Dynamic and Steward Select Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Dynamic and Steward Select
The main advantage of trading using opposite Calamos Dynamic and Steward Select positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Dynamic position performs unexpectedly, Steward Select 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 Steward Select will offset losses from the drop in Steward Select's long position.| Calamos Dynamic vs. Gabelli Global Small | Calamos Dynamic vs. MFS Investment Grade | Calamos Dynamic vs. Eaton Vance National | Calamos Dynamic vs. GAMCO Natural Resources |
| Steward Select vs. Absolute Convertible Arbitrage | Steward Select vs. Calamos Dynamic Convertible | Steward Select vs. Gabelli Convertible And | Steward Select vs. Putnam Convertible Incm Gwth |
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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
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