Correlation Between Calamos Convertible and Innealta Capital
Can any of the company-specific risk be diversified away by investing in both Calamos Convertible and Innealta Capital 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 Innealta Capital into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Calamos Vertible Fund and Innealta Capital Sector, you can compare the effects of market volatilities on Calamos Convertible and Innealta Capital 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 Innealta Capital. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Convertible and Innealta Capital.
Diversification Opportunities for Calamos Convertible and Innealta Capital
0.77 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Calamos and Innealta is 0.77. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Vertible Fund and Innealta Capital Sector in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Innealta Capital Sector 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 Vertible Fund are associated (or correlated) with Innealta Capital. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Innealta Capital Sector has no effect on the direction of Calamos Convertible i.e., Calamos Convertible and Innealta Capital go up and down completely randomly.
Pair Corralation between Calamos Convertible and Innealta Capital
Assuming the 90 days horizon Calamos Vertible Fund is expected to generate 0.77 times more return on investment than Innealta Capital. However, Calamos Vertible Fund is 1.29 times less risky than Innealta Capital. It trades about 0.32 of its potential returns per unit of risk. Innealta Capital Sector is currently generating about 0.11 per unit of risk. If you would invest 1,821 in Calamos Vertible Fund on September 4, 2024 and sell it today you would earn a total of 122.00 from holding Calamos Vertible Fund or generate 6.7% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 97.62% |
| Values | Daily Returns |
Calamos Vertible Fund vs. Innealta Capital Sector
Performance |
| Timeline |
| Calamos Convertible |
| Innealta Capital Sector |
Calamos Convertible and Innealta Capital Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Convertible and Innealta Capital
The main advantage of trading using opposite Calamos Convertible and Innealta Capital positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Convertible position performs unexpectedly, Innealta Capital 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 Innealta Capital will offset losses from the drop in Innealta Capital's long position.| Calamos Convertible vs. Pace High Yield | Calamos Convertible vs. Lgm Risk Managed | Calamos Convertible vs. Ab Global Risk | Calamos Convertible vs. Pioneer High Yield |
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 Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
Other Complementary Tools
| Balance Of Power Check stock momentum by analyzing Balance Of Power indicator and other technical ratios | |
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope | |
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
| Crypto Correlations Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins | |
| Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities |