Correlation Between Calamos Global and Doubleline Core
Can any of the company-specific risk be diversified away by investing in both Calamos Global and Doubleline Core 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 Global and Doubleline Core into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Calamos Global Equity and Doubleline E Fixed, you can compare the effects of market volatilities on Calamos Global and Doubleline Core 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 Global with a short position of Doubleline Core. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Global and Doubleline Core.
Diversification Opportunities for Calamos Global and Doubleline Core
0.58 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Calamos and Doubleline is 0.58. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Global Equity and Doubleline E Fixed in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Doubleline E Fixed and Calamos Global 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 Global Equity are associated (or correlated) with Doubleline Core. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Doubleline E Fixed has no effect on the direction of Calamos Global i.e., Calamos Global and Doubleline Core go up and down completely randomly.
Pair Corralation between Calamos Global and Doubleline Core
Assuming the 90 days horizon Calamos Global Equity is expected to generate 3.91 times more return on investment than Doubleline Core. However, Calamos Global is 3.91 times more volatile than Doubleline E Fixed. It trades about 0.05 of its potential returns per unit of risk. Doubleline E Fixed is currently generating about 0.18 per unit of risk. If you would invest 1,739 in Calamos Global Equity on November 27, 2024 and sell it today you would earn a total of 18.00 from holding Calamos Global Equity or generate 1.04% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Calamos Global Equity vs. Doubleline E Fixed
Performance |
| Timeline |
| Calamos Global Equity |
| Doubleline E Fixed |
Calamos Global and Doubleline Core Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Global and Doubleline Core
The main advantage of trading using opposite Calamos Global and Doubleline Core positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Global position performs unexpectedly, Doubleline Core 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 Doubleline Core will offset losses from the drop in Doubleline Core's long position.| Calamos Global vs. World Energy Fund | Calamos Global vs. Hennessy Bp Energy | Calamos Global vs. Franklin Natural Resources | Calamos Global vs. Clearbridge Energy Mlp |
| Doubleline Core vs. Tiaa Cref Lifestyle Conservative | Doubleline Core vs. Global Diversified Income | Doubleline Core vs. Jhancock Diversified Macro | Doubleline Core vs. Diversified Bond 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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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