Correlation Between Calamos Dynamic and International Discovery
Can any of the company-specific risk be diversified away by investing in both Calamos Dynamic and International Discovery 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 International Discovery 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 International Discovery Fund, you can compare the effects of market volatilities on Calamos Dynamic and International Discovery 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 International Discovery. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Dynamic and International Discovery.
Diversification Opportunities for Calamos Dynamic and International Discovery
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Calamos and International is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Dynamic Convertible and International Discovery Fund in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on International Discovery 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 International Discovery. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of International Discovery has no effect on the direction of Calamos Dynamic i.e., Calamos Dynamic and International Discovery go up and down completely randomly.
Pair Corralation between Calamos Dynamic and International Discovery
If you would invest (100.00) in International Discovery Fund on September 13, 2024 and sell it today you would earn a total of 100.00 from holding International Discovery Fund or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Calamos Dynamic Convertible vs. International Discovery Fund
Performance |
| Timeline |
| Calamos Dynamic Conv |
| International Discovery |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Calamos Dynamic and International Discovery Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Dynamic and International Discovery
The main advantage of trading using opposite Calamos Dynamic and International Discovery positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Dynamic position performs unexpectedly, International Discovery 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 International Discovery will offset losses from the drop in International Discovery'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 |
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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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