Correlation Between Calamos Strategic and Calamos Global
Can any of the company-specific risk be diversified away by investing in both Calamos Strategic and Calamos 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 Strategic and Calamos Global into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Calamos Strategic Total and Calamos Global Dynamic, you can compare the effects of market volatilities on Calamos Strategic and Calamos 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 Strategic with a short position of Calamos Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Strategic and Calamos Global.
Diversification Opportunities for Calamos Strategic and Calamos Global
0.7 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Calamos and Calamos is 0.7. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Strategic Total and Calamos Global Dynamic in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calamos Global Dynamic and Calamos Strategic 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 Strategic Total are associated (or correlated) with Calamos Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Calamos Global Dynamic has no effect on the direction of Calamos Strategic i.e., Calamos Strategic and Calamos Global go up and down completely randomly.
Pair Corralation between Calamos Strategic and Calamos Global
Considering the 90-day investment horizon Calamos Strategic Total is expected to generate 1.03 times more return on investment than Calamos Global. However, Calamos Strategic is 1.03 times more volatile than Calamos Global Dynamic. It trades about 0.15 of its potential returns per unit of risk. Calamos Global Dynamic is currently generating about -0.05 per unit of risk. If you would invest 1,753 in Calamos Strategic Total on August 28, 2024 and sell it today you would earn a total of 48.00 from holding Calamos Strategic Total or generate 2.74% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Calamos Strategic Total vs. Calamos Global Dynamic
Performance |
| Timeline |
| Calamos Strategic Total |
| Calamos Global Dynamic |
Calamos Strategic and Calamos Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Strategic and Calamos Global
The main advantage of trading using opposite Calamos Strategic and Calamos Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Strategic position performs unexpectedly, Calamos 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 Calamos Global will offset losses from the drop in Calamos Global's long position.| Calamos Strategic vs. Allspring Income Opportunities | Calamos Strategic vs. Allspring Global Dividend | Calamos Strategic vs. Blackstone Gso Senior | Calamos Strategic vs. John Hancock Preferred |
| Calamos Global vs. Calamos Convertible And | Calamos Global vs. Calamos Strategic Total | Calamos Global vs. Calamos Dynamic Convertible | Calamos Global vs. Calamos LongShort Equity |
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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
Other Complementary Tools
| Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency | |
| Global Correlations Find global opportunities by holding instruments from different markets | |
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities | |
| Price Transformation Use Price Transformation models to analyze the depth of different equity instruments across global markets | |
| Equity Valuation Check real value of public entities based on technical and fundamental data |