Correlation Between Calamos Convertible and Allspring Global
Can any of the company-specific risk be diversified away by investing in both Calamos Convertible and Allspring Global 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 Allspring Global into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Calamos Convertible Opportunities and Allspring Global Dividend, you can compare the effects of market volatilities on Calamos Convertible and Allspring Global 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 Allspring Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Convertible and Allspring Global.
Diversification Opportunities for Calamos Convertible and Allspring Global
-0.61 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Calamos and Allspring is -0.61. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Convertible Opportunit and Allspring Global Dividend in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Allspring Global Dividend 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 Convertible Opportunities are associated (or correlated) with Allspring Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Allspring Global Dividend has no effect on the direction of Calamos Convertible i.e., Calamos Convertible and Allspring Global go up and down completely randomly.
Pair Corralation between Calamos Convertible and Allspring Global
Considering the 90-day investment horizon Calamos Convertible Opportunities is expected to under-perform the Allspring Global. In addition to that, Calamos Convertible is 1.48 times more volatile than Allspring Global Dividend. It trades about -0.42 of its total potential returns per unit of risk. Allspring Global Dividend is currently generating about 0.37 per unit of volatility. If you would invest 495.00 in Allspring Global Dividend on November 28, 2024 and sell it today you would earn a total of 24.00 from holding Allspring Global Dividend or generate 4.85% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Calamos Convertible Opportunit vs. Allspring Global Dividend
Performance |
| Timeline |
| Calamos Convertible |
| Allspring Global Dividend |
Calamos Convertible and Allspring Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Convertible and Allspring Global
The main advantage of trading using opposite Calamos Convertible and Allspring Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Convertible position performs unexpectedly, Allspring Global 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 Allspring Global will offset losses from the drop in Allspring Global's long position.| Calamos Convertible vs. Calamos Dynamic Convertible | Calamos Convertible vs. Calamos Global Dynamic | Calamos Convertible vs. Calamos Strategic Total | Calamos Convertible vs. Calamos LongShort Equity |
| Allspring Global vs. Allspring Multi Sector | Allspring Global vs. BNY Mellon High | Allspring Global vs. Pioneer High Income | Allspring Global vs. Allspring Utilities And |
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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
Other Complementary Tools
| Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk | |
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
| ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments | |
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets | |
| Efficient Frontier Plot and analyze your portfolio and positions against risk-return landscape of the market. |