Correlation Between Calamos Global and CBH
Can any of the company-specific risk be diversified away by investing in both Calamos Global and CBH 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 CBH into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Calamos Global Dynamic and CBH, you can compare the effects of market volatilities on Calamos Global and CBH 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 CBH. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Global and CBH.
Diversification Opportunities for Calamos Global and CBH
-0.25 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Calamos and CBH is -0.25. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Global Dynamic and CBH in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CBH 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 Dynamic are associated (or correlated) with CBH. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CBH has no effect on the direction of Calamos Global i.e., Calamos Global and CBH go up and down completely randomly.
Pair Corralation between Calamos Global and CBH
If you would invest 671.00 in Calamos Global Dynamic on November 2, 2024 and sell it today you would earn a total of 16.00 from holding Calamos Global Dynamic or generate 2.38% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 5.26% |
| Values | Daily Returns |
Calamos Global Dynamic vs. CBH
Performance |
| Timeline |
| Calamos Global Dynamic |
| CBH |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Calamos Global and CBH Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Global and CBH
The main advantage of trading using opposite Calamos Global and CBH positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Global position performs unexpectedly, CBH 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 CBH will offset losses from the drop in CBH's long position.| Calamos Global vs. Calamos Convertible And | Calamos Global vs. Calamos Strategic Total | Calamos Global vs. Calamos Dynamic Convertible | Calamos Global vs. Calamos LongShort Equity |
| CBH vs. Eaton Vance National | CBH vs. Blackrock Muniholdings Ny | CBH vs. Nuveen California Select | CBH vs. MFS Investment Grade |
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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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