Correlation Between Calamos Dynamic and Allianzgi Convertible
Can any of the company-specific risk be diversified away by investing in both Calamos Dynamic and Allianzgi Convertible 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 Allianzgi Convertible 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 Allianzgi Convertible Income, you can compare the effects of market volatilities on Calamos Dynamic and Allianzgi Convertible 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 Allianzgi Convertible. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Dynamic and Allianzgi Convertible.
Diversification Opportunities for Calamos Dynamic and Allianzgi Convertible
-0.29 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Calamos and AllianzGI is -0.29. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Dynamic Convertible and Allianzgi Convertible Income in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Allianzgi Convertible 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 Allianzgi Convertible. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Allianzgi Convertible has no effect on the direction of Calamos Dynamic i.e., Calamos Dynamic and Allianzgi Convertible go up and down completely randomly.
Pair Corralation between Calamos Dynamic and Allianzgi Convertible
Considering the 90-day investment horizon Calamos Dynamic Convertible is expected to under-perform the Allianzgi Convertible. In addition to that, Calamos Dynamic is 1.14 times more volatile than Allianzgi Convertible Income. It trades about -0.07 of its total potential returns per unit of risk. Allianzgi Convertible Income is currently generating about 0.21 per unit of volatility. If you would invest 384.00 in Allianzgi Convertible Income on October 29, 2024 and sell it today you would earn a total of 12.00 from holding Allianzgi Convertible Income or generate 3.13% 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. Allianzgi Convertible Income
Performance |
| Timeline |
| Calamos Dynamic Conv |
| Allianzgi Convertible |
Calamos Dynamic and Allianzgi Convertible Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Dynamic and Allianzgi Convertible
The main advantage of trading using opposite Calamos Dynamic and Allianzgi Convertible positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Dynamic position performs unexpectedly, Allianzgi Convertible 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 Allianzgi Convertible will offset losses from the drop in Allianzgi Convertible's long position.| Calamos Dynamic vs. Clough Global Allocation | Calamos Dynamic vs. Nuveen Municipal Credit | Calamos Dynamic vs. Putnam High Income | Calamos Dynamic vs. Virtus Dividend Interest |
| Allianzgi Convertible vs. Ultrasmall Cap Profund Ultrasmall Cap | Allianzgi Convertible vs. William Blair Small | Allianzgi Convertible vs. Victory Rs Partners | Allianzgi Convertible vs. Walden Smid Cap |
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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