Correlation Between Calamos Dynamic and Volumetric Fund
Can any of the company-specific risk be diversified away by investing in both Calamos Dynamic and Volumetric Fund 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 Volumetric Fund 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 Volumetric Fund Volumetric, you can compare the effects of market volatilities on Calamos Dynamic and Volumetric Fund 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 Volumetric Fund. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Dynamic and Volumetric Fund.
Diversification Opportunities for Calamos Dynamic and Volumetric Fund
-0.4 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Calamos and Volumetric is -0.4. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Dynamic Convertible and Volumetric Fund Volumetric in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Volumetric Fund Volu 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 Volumetric Fund. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Volumetric Fund Volu has no effect on the direction of Calamos Dynamic i.e., Calamos Dynamic and Volumetric Fund go up and down completely randomly.
Pair Corralation between Calamos Dynamic and Volumetric Fund
Considering the 90-day investment horizon Calamos Dynamic Convertible is expected to generate 0.59 times more return on investment than Volumetric Fund. However, Calamos Dynamic Convertible is 1.7 times less risky than Volumetric Fund. It trades about -0.07 of its potential returns per unit of risk. Volumetric Fund Volumetric is currently generating about -0.11 per unit of risk. If you would invest 2,480 in Calamos Dynamic Convertible on October 25, 2024 and sell it today you would lose (34.00) from holding Calamos Dynamic Convertible or give up 1.37% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 94.74% |
| Values | Daily Returns |
Calamos Dynamic Convertible vs. Volumetric Fund Volumetric
Performance |
| Timeline |
| Calamos Dynamic Conv |
| Volumetric Fund Volu |
Calamos Dynamic and Volumetric Fund Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Dynamic and Volumetric Fund
The main advantage of trading using opposite Calamos Dynamic and Volumetric Fund positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Dynamic position performs unexpectedly, Volumetric Fund 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 Volumetric Fund will offset losses from the drop in Volumetric Fund'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 |
| Volumetric Fund vs. Calamos Dynamic Convertible | Volumetric Fund vs. Lord Abbett Convertible | Volumetric Fund vs. Advent Claymore Convertible | Volumetric Fund vs. Virtus 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 Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
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