Correlation Between Calamos Global and Calamos Timpani

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Can any of the company-specific risk be diversified away by investing in both Calamos Global and Calamos Timpani 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 Global and Calamos Timpani into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Calamos Global Vertible and Calamos Timpani Smid, you can compare the effects of market volatilities on Calamos Global and Calamos Timpani 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 Global with a short position of Calamos Timpani. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Global and Calamos Timpani.

Diversification Opportunities for Calamos Global and Calamos Timpani

CalamosCalamosDiversified AwayCalamosCalamosDiversified Away100%
0.12
  Correlation Coefficient

Average diversification

The 3 months correlation between Calamos and Calamos is 0.12. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Global Vertible and Calamos Timpani Smid in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calamos Timpani Smid and Calamos Global 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 Global Vertible are associated (or correlated) with Calamos Timpani. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Calamos Timpani Smid has no effect on the direction of Calamos Global i.e., Calamos Global and Calamos Timpani go up and down completely randomly.

Pair Corralation between Calamos Global and Calamos Timpani

Assuming the 90 days horizon Calamos Global is expected to generate 1.97 times less return on investment than Calamos Timpani. But when comparing it to its historical volatility, Calamos Global Vertible is 3.2 times less risky than Calamos Timpani. It trades about 0.11 of its potential returns per unit of risk. Calamos Timpani Smid is currently generating about 0.07 of returns per unit of risk over similar time horizon. If you would invest  956.00  in Calamos Timpani Smid on November 27, 2024 and sell it today you would earn a total of  460.00  from holding Calamos Timpani Smid or generate 48.12% return on investment over 90 days.
Time Period3 Months [change]
DirectionMoves Together 
StrengthInsignificant
Accuracy100.0%
ValuesDaily Returns

Calamos Global Vertible  vs.  Calamos Timpani Smid

 Performance 
JavaScript chart by amCharts 3.21.15Dec2025Feb -20246810
JavaScript chart by amCharts 3.21.15CXGCX CTAGX
       Timeline  
Calamos Global Vertible 

Risk-Adjusted Performance

Modest

 
Weak
 
Strong
Compared to the overall equity markets, risk-adjusted returns on investments in Calamos Global Vertible are ranked lower than 5 (%) of all funds and portfolios of funds over the last 90 days. In spite of fairly strong fundamental indicators, Calamos Global is not utilizing all of its potentials. The current stock price disturbance, may contribute to short-term losses for the investors.
JavaScript chart by amCharts 3.21.15DecJanFebJanFeb12.212.312.412.512.612.712.8
Calamos Timpani Smid 

Risk-Adjusted Performance

Very Weak

 
Weak
 
Strong
Over the last 90 days Calamos Timpani Smid has generated negative risk-adjusted returns adding no value to fund investors. In spite of weak performance in the last few months, the Fund's technical and fundamental indicators remain fairly strong which may send shares a bit higher in March 2025. The current disturbance may also be a sign of long term up-swing for the fund investors.
JavaScript chart by amCharts 3.21.15DecJanFebJanFeb14.51515.51616.5

Calamos Global and Calamos Timpani Volatility Contrast

   Predicted Return Density   
JavaScript chart by amCharts 3.21.15-1.41-1.03-0.65-0.270.01290.330.711.091.471.85 0.51.01.5
JavaScript chart by amCharts 3.21.15CXGCX CTAGX
       Returns  

Pair Trading with Calamos Global and Calamos Timpani

The main advantage of trading using opposite Calamos Global and Calamos Timpani positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Global position performs unexpectedly, Calamos Timpani 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 Timpani will offset losses from the drop in Calamos Timpani's long position.
The idea behind Calamos Global Vertible and Calamos Timpani Smid pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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 Equity Valuation module to check real value of public entities based on technical and fundamental data.

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