Correlation Between Calamos Convertible and Calamos International
Can any of the company-specific risk be diversified away by investing in both Calamos Convertible and Calamos International 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 Convertible and Calamos International into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Calamos Vertible Fund and Calamos International Small, you can compare the effects of market volatilities on Calamos Convertible and Calamos International 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 Convertible with a short position of Calamos International. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Convertible and Calamos International.
Diversification Opportunities for Calamos Convertible and Calamos International
0.75 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Calamos and Calamos is 0.75. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Vertible Fund and Calamos International Small in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calamos International and Calamos Convertible 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 Vertible Fund are associated (or correlated) with Calamos International. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Calamos International has no effect on the direction of Calamos Convertible i.e., Calamos Convertible and Calamos International go up and down completely randomly.
Pair Corralation between Calamos Convertible and Calamos International
Assuming the 90 days horizon Calamos Vertible Fund is expected to under-perform the Calamos International. But the mutual fund apears to be less risky and, when comparing its historical volatility, Calamos Vertible Fund is 1.24 times less risky than Calamos International. The mutual fund trades about -0.14 of its potential returns per unit of risk. The Calamos International Small is currently generating about -0.05 of returns per unit of risk over similar time horizon. If you would invest 990.00 in Calamos International Small on November 27, 2024 and sell it today you would lose (9.00) from holding Calamos International Small or give up 0.91% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Calamos Vertible Fund vs. Calamos International Small
Performance |
| Timeline |
| Calamos Convertible |
| Calamos International |
Calamos Convertible and Calamos International Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Convertible and Calamos International
The main advantage of trading using opposite Calamos Convertible and Calamos International positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Convertible position performs unexpectedly, Calamos International 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 Calamos International will offset losses from the drop in Calamos International's long position.| Calamos Convertible vs. Franklin Government Money | Calamos Convertible vs. Tiaa Cref Funds | Calamos Convertible vs. T Rowe Price | Calamos Convertible vs. Prudential Emerging Markets |
| Calamos International vs. Rbc Funds Trust | Calamos International vs. Dreyfusstandish Global Fixed | Calamos International vs. Nationwide E Plus | Calamos International vs. Dodge International Stock |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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