Correlation Between Calamos Dynamic and Voya Jpmorgan
Can any of the company-specific risk be diversified away by investing in both Calamos Dynamic and Voya Jpmorgan 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 Voya Jpmorgan 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 Voya Jpmorgan Small, you can compare the effects of market volatilities on Calamos Dynamic and Voya Jpmorgan 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 Voya Jpmorgan. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Dynamic and Voya Jpmorgan.
Diversification Opportunities for Calamos Dynamic and Voya Jpmorgan
0.17 | Correlation Coefficient |
Average diversification
The 3 months correlation between Calamos and Voya is 0.17. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Dynamic Convertible and Voya Jpmorgan Small in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Voya Jpmorgan Small 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 Voya Jpmorgan. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Voya Jpmorgan Small has no effect on the direction of Calamos Dynamic i.e., Calamos Dynamic and Voya Jpmorgan go up and down completely randomly.
Pair Corralation between Calamos Dynamic and Voya Jpmorgan
Considering the 90-day investment horizon Calamos Dynamic Convertible is expected to generate 0.94 times more return on investment than Voya Jpmorgan. However, Calamos Dynamic Convertible is 1.06 times less risky than Voya Jpmorgan. It trades about 0.06 of its potential returns per unit of risk. Voya Jpmorgan Small is currently generating about 0.05 per unit of risk. If you would invest 1,747 in Calamos Dynamic Convertible on September 4, 2024 and sell it today you would earn a total of 643.00 from holding Calamos Dynamic Convertible or generate 36.81% 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. Voya Jpmorgan Small
Performance |
| Timeline |
| Calamos Dynamic Conv |
| Voya Jpmorgan Small |
Calamos Dynamic and Voya Jpmorgan Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Dynamic and Voya Jpmorgan
The main advantage of trading using opposite Calamos Dynamic and Voya Jpmorgan positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Dynamic position performs unexpectedly, Voya Jpmorgan 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 Voya Jpmorgan will offset losses from the drop in Voya Jpmorgan'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 |
| Voya Jpmorgan vs. Gmo High Yield | Voya Jpmorgan vs. Calamos Dynamic Convertible | Voya Jpmorgan vs. Ultra Short Fixed Income | Voya Jpmorgan vs. Bbh Intermediate Municipal |
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 Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
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