Correlation Between Calamos Dividend and Calamos Phineus
Can any of the company-specific risk be diversified away by investing in both Calamos Dividend and Calamos Phineus 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 Phineus 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 Phineus Longshort, you can compare the effects of market volatilities on Calamos Dividend and Calamos Phineus 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 Phineus. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Dividend and Calamos Phineus.
Diversification Opportunities for Calamos Dividend and Calamos Phineus
0.81 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Calamos and Calamos is 0.81. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Dividend Growth and Calamos Phineus Longshort in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calamos Phineus Longshort 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 Phineus. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Calamos Phineus Longshort has no effect on the direction of Calamos Dividend i.e., Calamos Dividend and Calamos Phineus go up and down completely randomly.
Pair Corralation between Calamos Dividend and Calamos Phineus
Assuming the 90 days horizon Calamos Dividend Growth is expected to generate 2.08 times more return on investment than Calamos Phineus. However, Calamos Dividend is 2.08 times more volatile than Calamos Phineus Longshort. It trades about 0.2 of its potential returns per unit of risk. Calamos Phineus Longshort is currently generating about 0.17 per unit of risk. If you would invest 1,921 in Calamos Dividend Growth on August 29, 2024 and sell it today you would earn a total of 71.00 from holding Calamos Dividend Growth or generate 3.7% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Calamos Dividend Growth vs. Calamos Phineus Longshort
Performance |
| Timeline |
| Calamos Dividend Growth |
| Calamos Phineus Longshort |
Calamos Dividend and Calamos Phineus Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Dividend and Calamos Phineus
The main advantage of trading using opposite Calamos Dividend and Calamos Phineus positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Dividend position performs unexpectedly, Calamos Phineus 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 Phineus will offset losses from the drop in Calamos Phineus' long position.| Calamos Dividend vs. Bbh Intermediate Municipal | Calamos Dividend vs. Ab Global Bond | Calamos Dividend vs. Rationalpier 88 Convertible | Calamos Dividend vs. Victory High Yield |
| Calamos Phineus vs. Neuberger Berman Long | Calamos Phineus vs. Neuberger Berman Long | Calamos Phineus vs. Diamond Hill Long Short | Calamos Phineus vs. Pimco Rae Worldwide |
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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
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