Correlation Between Calamos Dynamic and Semper Short
Can any of the company-specific risk be diversified away by investing in both Calamos Dynamic and Semper Short 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 Semper Short 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 Semper Short Duration, you can compare the effects of market volatilities on Calamos Dynamic and Semper Short 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 Semper Short. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Dynamic and Semper Short.
Diversification Opportunities for Calamos Dynamic and Semper Short
-0.33 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Calamos and Semper is -0.33. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Dynamic Convertible and Semper Short Duration in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Semper Short Duration 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 Semper Short. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Semper Short Duration has no effect on the direction of Calamos Dynamic i.e., Calamos Dynamic and Semper Short go up and down completely randomly.
Pair Corralation between Calamos Dynamic and Semper Short
Considering the 90-day investment horizon Calamos Dynamic Convertible is expected to under-perform the Semper Short. In addition to that, Calamos Dynamic is 6.17 times more volatile than Semper Short Duration. It trades about -0.15 of its total potential returns per unit of risk. Semper Short Duration is currently generating about 0.35 per unit of volatility. If you would invest 941.00 in Semper Short Duration on September 13, 2024 and sell it today you would earn a total of 10.00 from holding Semper Short Duration or generate 1.06% 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. Semper Short Duration
Performance |
| Timeline |
| Calamos Dynamic Conv |
| Semper Short Duration |
Calamos Dynamic and Semper Short Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Dynamic and Semper Short
The main advantage of trading using opposite Calamos Dynamic and Semper Short positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Dynamic position performs unexpectedly, Semper Short 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 Semper Short will offset losses from the drop in Semper Short'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 |
| Semper Short vs. Semper Mbs Total | Semper Short vs. Semper Short Duration | Semper Short vs. Semper Mbs Total | Semper Short vs. Semper Mbs Total |
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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