Correlation Between Calamos Convertible and Blackrock Debt
Can any of the company-specific risk be diversified away by investing in both Calamos Convertible and Blackrock Debt 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 Blackrock Debt into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Calamos Convertible And and Blackrock Debt Strategies, you can compare the effects of market volatilities on Calamos Convertible and Blackrock Debt 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 Blackrock Debt. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Convertible and Blackrock Debt.
Diversification Opportunities for Calamos Convertible and Blackrock Debt
-0.54 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Calamos and Blackrock is -0.54. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Convertible And and Blackrock Debt Strategies in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Blackrock Debt Strategies 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 And are associated (or correlated) with Blackrock Debt. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Blackrock Debt Strategies has no effect on the direction of Calamos Convertible i.e., Calamos Convertible and Blackrock Debt go up and down completely randomly.
Pair Corralation between Calamos Convertible and Blackrock Debt
Considering the 90-day investment horizon Calamos Convertible And is expected to under-perform the Blackrock Debt. In addition to that, Calamos Convertible is 1.6 times more volatile than Blackrock Debt Strategies. It trades about -0.33 of its total potential returns per unit of risk. Blackrock Debt Strategies is currently generating about 0.06 per unit of volatility. If you would invest 1,064 in Blackrock Debt Strategies on December 1, 2024 and sell it today you would earn a total of 6.00 from holding Blackrock Debt Strategies or generate 0.56% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Calamos Convertible And vs. Blackrock Debt Strategies
Performance |
| Timeline |
| Calamos Convertible And |
| Blackrock Debt Strategies |
Calamos Convertible and Blackrock Debt Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Convertible and Blackrock Debt
The main advantage of trading using opposite Calamos Convertible and Blackrock Debt positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Convertible position performs unexpectedly, Blackrock Debt 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 Blackrock Debt will offset losses from the drop in Blackrock Debt's long position.| Calamos Convertible vs. Calamos Global Dynamic | Calamos Convertible vs. Calamos Strategic Total | Calamos Convertible vs. Calamos Dynamic Convertible | Calamos Convertible vs. Calamos LongShort Equity |
| Blackrock Debt vs. Blackrock Floating Rate | Blackrock Debt vs. Pioneer Floating Rate | Blackrock Debt vs. Eaton Vance Senior | Blackrock Debt vs. Eaton Vance Senior |
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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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