Correlation Between Calamos Convertible and Gabelli Global
Can any of the company-specific risk be diversified away by investing in both Calamos Convertible and Gabelli 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 Gabelli Global 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 Gabelli Global Small, you can compare the effects of market volatilities on Calamos Convertible and Gabelli 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 Gabelli Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Convertible and Gabelli Global.
Diversification Opportunities for Calamos Convertible and Gabelli Global
0.9 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Calamos and Gabelli is 0.9. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Convertible And and Gabelli Global Small in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Gabelli Global Small 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 Gabelli Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Gabelli Global Small has no effect on the direction of Calamos Convertible i.e., Calamos Convertible and Gabelli Global go up and down completely randomly.
Pair Corralation between Calamos Convertible and Gabelli Global
Considering the 90-day investment horizon Calamos Convertible is expected to generate 1.75 times less return on investment than Gabelli Global. But when comparing it to its historical volatility, Calamos Convertible And is 1.23 times less risky than Gabelli Global. It trades about 0.15 of its potential returns per unit of risk. Gabelli Global Small is currently generating about 0.21 of returns per unit of risk over similar time horizon. If you would invest 1,233 in Gabelli Global Small on August 28, 2024 and sell it today you would earn a total of 62.00 from holding Gabelli Global Small or generate 5.03% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Calamos Convertible And vs. Gabelli Global Small
Performance |
| Timeline |
| Calamos Convertible And |
| Gabelli Global Small |
Calamos Convertible and Gabelli Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Convertible and Gabelli Global
The main advantage of trading using opposite Calamos Convertible and Gabelli Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Convertible position performs unexpectedly, Gabelli 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 Gabelli Global will offset losses from the drop in Gabelli Global'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 |
| Gabelli Global vs. PowerUp Acquisition Corp | Gabelli Global vs. Aurora Innovation | Gabelli Global vs. HUMANA INC | Gabelli Global vs. Aquagold International |
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 Portfolio Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
Other Complementary Tools
| Share Portfolio Track or share privately all of your investments from the convenience of any device | |
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
| Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets | |
| Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities | |
| Fundamental Analysis View fundamental data based on most recent published financial statements |