Correlation Between Calamos Dynamic and Upright Growth
Can any of the company-specific risk be diversified away by investing in both Calamos Dynamic and Upright Growth 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 Upright Growth 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 Upright Growth Income, you can compare the effects of market volatilities on Calamos Dynamic and Upright Growth 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 Upright Growth. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Dynamic and Upright Growth.
Diversification Opportunities for Calamos Dynamic and Upright Growth
-0.07 | Correlation Coefficient |
Good diversification
The 3 months correlation between Calamos and Upright is -0.07. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Dynamic Convertible and Upright Growth Income in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Upright Growth Income 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 Upright Growth. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Upright Growth Income has no effect on the direction of Calamos Dynamic i.e., Calamos Dynamic and Upright Growth go up and down completely randomly.
Pair Corralation between Calamos Dynamic and Upright Growth
Considering the 90-day investment horizon Calamos Dynamic Convertible is expected to under-perform the Upright Growth. But the fund apears to be less risky and, when comparing its historical volatility, Calamos Dynamic Convertible is 1.42 times less risky than Upright Growth. The fund trades about -0.15 of its potential returns per unit of risk. The Upright Growth Income is currently generating about 0.1 of returns per unit of risk over similar time horizon. If you would invest 1,930 in Upright Growth Income on September 13, 2024 and sell it today you would earn a total of 50.00 from holding Upright Growth Income or generate 2.59% 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. Upright Growth Income
Performance |
| Timeline |
| Calamos Dynamic Conv |
| Upright Growth Income |
Calamos Dynamic and Upright Growth Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Dynamic and Upright Growth
The main advantage of trading using opposite Calamos Dynamic and Upright Growth positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Dynamic position performs unexpectedly, Upright Growth 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 Upright Growth will offset losses from the drop in Upright Growth'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 |
| Upright Growth vs. Strategic Advisers Income | Upright Growth vs. Blackrock High Yield | Upright Growth vs. Alpine High Yield | Upright Growth vs. Janus High Yield Fund |
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 Efficient Frontier module to plot and analyze your portfolio and positions against risk-return landscape of the market..
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