Correlation Between Calamos Global and Allianzgi Convertible
Can any of the company-specific risk be diversified away by investing in both Calamos Global and Allianzgi Convertible 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 Allianzgi Convertible 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 Allianzgi Convertible Income, you can compare the effects of market volatilities on Calamos Global and Allianzgi Convertible 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 Allianzgi Convertible. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Global and Allianzgi Convertible.
Diversification Opportunities for Calamos Global and Allianzgi Convertible
0.7 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Calamos and Allianzgi is 0.7. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Global Dynamic and Allianzgi Convertible Income in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Allianzgi Convertible 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 Allianzgi Convertible. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Allianzgi Convertible has no effect on the direction of Calamos Global i.e., Calamos Global and Allianzgi Convertible go up and down completely randomly.
Pair Corralation between Calamos Global and Allianzgi Convertible
Considering the 90-day investment horizon Calamos Global Dynamic is expected to under-perform the Allianzgi Convertible. But the fund apears to be less risky and, when comparing its historical volatility, Calamos Global Dynamic is 1.27 times less risky than Allianzgi Convertible. The fund trades about -0.05 of its potential returns per unit of risk. The Allianzgi Convertible Income is currently generating about 0.35 of returns per unit of risk over similar time horizon. If you would invest 338.00 in Allianzgi Convertible Income on August 27, 2024 and sell it today you would earn a total of 28.00 from holding Allianzgi Convertible Income or generate 8.28% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Calamos Global Dynamic vs. Allianzgi Convertible Income
Performance |
| Timeline |
| Calamos Global Dynamic |
| Allianzgi Convertible |
Calamos Global and Allianzgi Convertible Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Global and Allianzgi Convertible
The main advantage of trading using opposite Calamos Global and Allianzgi Convertible positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Global position performs unexpectedly, Allianzgi Convertible 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 Allianzgi Convertible will offset losses from the drop in Allianzgi Convertible'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 |
| Allianzgi Convertible vs. Calamos Global Dynamic | Allianzgi Convertible vs. Calamos Strategic Total | Allianzgi Convertible vs. Calamos LongShort Equity | Allianzgi Convertible vs. DTF Tax Free |
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 Stocks Directory module to find actively traded stocks across global markets.
Other Complementary Tools
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum | |
| Portfolio Volatility Check portfolio volatility and analyze historical return density to properly model market risk | |
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing | |
| AI Portfolio Architect Use AI to generate optimal portfolios and find profitable investment opportunities |