Correlation Between Calamos Phineus and Calamos Convertible
Can any of the company-specific risk be diversified away by investing in both Calamos Phineus and Calamos Convertible 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 Phineus and Calamos Convertible into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Calamos Phineus Longshort and Calamos Vertible Fund, you can compare the effects of market volatilities on Calamos Phineus and Calamos Convertible 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 Phineus with a short position of Calamos Convertible. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Phineus and Calamos Convertible.
Diversification Opportunities for Calamos Phineus and Calamos Convertible
0.6 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Calamos and Calamos is 0.6. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Phineus Longshort and Calamos Vertible Fund in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calamos Convertible and Calamos Phineus 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 Phineus Longshort are associated (or correlated) with Calamos Convertible. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Calamos Convertible has no effect on the direction of Calamos Phineus i.e., Calamos Phineus and Calamos Convertible go up and down completely randomly.
Pair Corralation between Calamos Phineus and Calamos Convertible
Assuming the 90 days horizon Calamos Phineus Longshort is expected to generate 0.42 times more return on investment than Calamos Convertible. However, Calamos Phineus Longshort is 2.38 times less risky than Calamos Convertible. It trades about -0.4 of its potential returns per unit of risk. Calamos Vertible Fund is currently generating about -0.27 per unit of risk. If you would invest 1,570 in Calamos Phineus Longshort on December 1, 2024 and sell it today you would lose (37.00) from holding Calamos Phineus Longshort or give up 2.36% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Calamos Phineus Longshort vs. Calamos Vertible Fund
Performance |
| Timeline |
| Calamos Phineus Longshort |
| Calamos Convertible |
Calamos Phineus and Calamos Convertible Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Phineus and Calamos Convertible
The main advantage of trading using opposite Calamos Phineus and Calamos Convertible positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Phineus position performs unexpectedly, Calamos Convertible 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 Convertible will offset losses from the drop in Calamos Convertible's long position.| Calamos Phineus vs. Calamos Phineus Longshort | Calamos Phineus vs. Calamos Market Neutral | Calamos Phineus vs. Aquagold International | Calamos Phineus vs. Morningstar Unconstrained Allocation |
| Calamos Convertible vs. Aqr Managed Futures | Calamos Convertible vs. Lord Abbett Inflation | Calamos Convertible vs. Ab Bond Inflation | Calamos Convertible vs. American Funds Inflation |
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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
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