Correlation Between Calamos Global and Nuveen Global
Can any of the company-specific risk be diversified away by investing in both Calamos Global and Nuveen 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 Global and Nuveen Global 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 Nuveen Global High, you can compare the effects of market volatilities on Calamos Global and Nuveen 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 Global with a short position of Nuveen Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Global and Nuveen Global.
Diversification Opportunities for Calamos Global and Nuveen Global
0.59 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Calamos and Nuveen is 0.59. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Global Dynamic and Nuveen Global High in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nuveen Global High 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 Nuveen Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nuveen Global High has no effect on the direction of Calamos Global i.e., Calamos Global and Nuveen Global go up and down completely randomly.
Pair Corralation between Calamos Global and Nuveen Global
Considering the 90-day investment horizon Calamos Global Dynamic is expected to generate 0.92 times more return on investment than Nuveen Global. However, Calamos Global Dynamic is 1.09 times less risky than Nuveen Global. It trades about 0.22 of its potential returns per unit of risk. Nuveen Global High is currently generating about 0.06 per unit of risk. If you would invest 688.00 in Calamos Global Dynamic on September 18, 2024 and sell it today you would earn a total of 15.00 from holding Calamos Global Dynamic or generate 2.18% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Calamos Global Dynamic vs. Nuveen Global High
Performance |
| Timeline |
| Calamos Global Dynamic |
| Nuveen Global High |
Calamos Global and Nuveen Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Global and Nuveen Global
The main advantage of trading using opposite Calamos Global and Nuveen Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Global position performs unexpectedly, Nuveen 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 Nuveen Global will offset losses from the drop in Nuveen Global'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 |
| Nuveen Global vs. Advent Claymore Convertible | Nuveen Global vs. Blackstone Gso Strategic | Nuveen Global vs. Western Asset Investment | Nuveen Global vs. Pioneer Floating Rate |
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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
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