Correlation Between Calamos Dynamic and Ambrus Core
Can any of the company-specific risk be diversified away by investing in both Calamos Dynamic and Ambrus Core 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 Ambrus Core 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 Ambrus Core Bond, you can compare the effects of market volatilities on Calamos Dynamic and Ambrus Core 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 Ambrus Core. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Dynamic and Ambrus Core.
Diversification Opportunities for Calamos Dynamic and Ambrus Core
0.01 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Calamos and Ambrus is 0.01. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Dynamic Convertible and Ambrus Core Bond in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ambrus Core 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 Ambrus Core. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ambrus Core Bond has no effect on the direction of Calamos Dynamic i.e., Calamos Dynamic and Ambrus Core go up and down completely randomly.
Pair Corralation between Calamos Dynamic and Ambrus Core
Considering the 90-day investment horizon Calamos Dynamic Convertible is expected to generate 4.28 times more return on investment than Ambrus Core. However, Calamos Dynamic is 4.28 times more volatile than Ambrus Core Bond. It trades about 0.07 of its potential returns per unit of risk. Ambrus Core Bond is currently generating about 0.07 per unit of risk. If you would invest 1,750 in Calamos Dynamic Convertible on November 27, 2024 and sell it today you would earn a total of 620.00 from holding Calamos Dynamic Convertible or generate 35.43% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Calamos Dynamic Convertible vs. Ambrus Core Bond
Performance |
| Timeline |
| Calamos Dynamic Conv |
| Ambrus Core Bond |
Calamos Dynamic and Ambrus Core Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Dynamic and Ambrus Core
The main advantage of trading using opposite Calamos Dynamic and Ambrus Core positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Dynamic position performs unexpectedly, Ambrus Core 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 Ambrus Core will offset losses from the drop in Ambrus Core'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 |
| Ambrus Core vs. Ab Bond Inflation | Ambrus Core vs. Fidelity Sai Inflationfocused | Ambrus Core vs. Ab Bond Inflation | Ambrus Core vs. The Hartford Inflation |
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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
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