Correlation Between Calamos Dividend and Calamos Vertible
Can any of the company-specific risk be diversified away by investing in both Calamos Dividend and Calamos Vertible 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 Dividend and Calamos Vertible into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Calamos Dividend Growth and Calamos Vertible Fund, you can compare the effects of market volatilities on Calamos Dividend and Calamos Vertible 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 Dividend with a short position of Calamos Vertible. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Dividend and Calamos Vertible.
Diversification Opportunities for Calamos Dividend and Calamos Vertible
0.97 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Calamos and Calamos is 0.97. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Dividend Growth and Calamos Vertible Fund in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calamos Vertible and Calamos Dividend 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 Dividend Growth are associated (or correlated) with Calamos Vertible. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Calamos Vertible has no effect on the direction of Calamos Dividend i.e., Calamos Dividend and Calamos Vertible go up and down completely randomly.
Pair Corralation between Calamos Dividend and Calamos Vertible
Assuming the 90 days horizon Calamos Dividend Growth is expected to generate 1.5 times more return on investment than Calamos Vertible. However, Calamos Dividend is 1.5 times more volatile than Calamos Vertible Fund. It trades about 0.11 of its potential returns per unit of risk. Calamos Vertible Fund is currently generating about 0.13 per unit of risk. If you would invest 1,729 in Calamos Dividend Growth on September 3, 2024 and sell it today you would earn a total of 266.00 from holding Calamos Dividend Growth or generate 15.38% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Calamos Dividend Growth vs. Calamos Vertible Fund
Performance |
| Timeline |
| Calamos Dividend Growth |
| Calamos Vertible |
Calamos Dividend and Calamos Vertible Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Dividend and Calamos Vertible
The main advantage of trading using opposite Calamos Dividend and Calamos Vertible positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Dividend position performs unexpectedly, Calamos Vertible 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 Calamos Vertible will offset losses from the drop in Calamos Vertible's long position.| Calamos Dividend vs. Putnam Convertible Incm Gwth | Calamos Dividend vs. Gabelli Convertible And | Calamos Dividend vs. Absolute Convertible Arbitrage | Calamos Dividend vs. Advent Claymore Convertible |
| Calamos Vertible vs. Small Midcap Dividend Income | Calamos Vertible vs. Oklahoma College Savings | Calamos Vertible vs. The Hartford Small | Calamos Vertible vs. Chartwell Small Cap |
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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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