Correlation Between Calamos Dynamic and Ubs Money
Can any of the company-specific risk be diversified away by investing in both Calamos Dynamic and Ubs Money 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 Ubs Money 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 Ubs Money Series, you can compare the effects of market volatilities on Calamos Dynamic and Ubs Money 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 Ubs Money. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Dynamic and Ubs Money.
Diversification Opportunities for Calamos Dynamic and Ubs Money
0.46 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Calamos and Ubs is 0.46. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Dynamic Convertible and Ubs Money Series in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ubs Money Series 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 Ubs Money. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ubs Money Series has no effect on the direction of Calamos Dynamic i.e., Calamos Dynamic and Ubs Money go up and down completely randomly.
Pair Corralation between Calamos Dynamic and Ubs Money
Considering the 90-day investment horizon Calamos Dynamic Convertible is expected to generate 8.11 times more return on investment than Ubs Money. However, Calamos Dynamic is 8.11 times more volatile than Ubs Money Series. It trades about 0.09 of its potential returns per unit of risk. Ubs Money Series is currently generating about 0.13 per unit of risk. If you would invest 2,119 in Calamos Dynamic Convertible on August 29, 2024 and sell it today you would earn a total of 249.00 from holding Calamos Dynamic Convertible or generate 11.75% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Calamos Dynamic Convertible vs. Ubs Money Series
Performance |
| Timeline |
| Calamos Dynamic Conv |
| Ubs Money Series |
Calamos Dynamic and Ubs Money Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Dynamic and Ubs Money
The main advantage of trading using opposite Calamos Dynamic and Ubs Money positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Dynamic position performs unexpectedly, Ubs Money 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 Ubs Money will offset losses from the drop in Ubs Money'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 |
| Ubs Money vs. Gabelli Convertible And | Ubs Money vs. Allianzgi Convertible Income | Ubs Money vs. Advent Claymore Convertible | Ubs Money 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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
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