Correlation Between Doubleline Global and Calamos High
Can any of the company-specific risk be diversified away by investing in both Doubleline Global and Calamos High 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 Doubleline Global and Calamos High into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Doubleline Global Bond and Calamos High Income, you can compare the effects of market volatilities on Doubleline Global and Calamos High 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 Doubleline Global with a short position of Calamos High. Check out your portfolio center. Please also check ongoing floating volatility patterns of Doubleline Global and Calamos High.
Diversification Opportunities for Doubleline Global and Calamos High
-0.55 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Doubleline and Calamos is -0.55. Overlapping area represents the amount of risk that can be diversified away by holding Doubleline Global Bond and Calamos High Income in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calamos High Income and Doubleline 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 Doubleline Global Bond are associated (or correlated) with Calamos High. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Calamos High Income has no effect on the direction of Doubleline Global i.e., Doubleline Global and Calamos High go up and down completely randomly.
Pair Corralation between Doubleline Global and Calamos High
Assuming the 90 days horizon Doubleline Global is expected to generate 3.67 times less return on investment than Calamos High. In addition to that, Doubleline Global is 2.65 times more volatile than Calamos High Income. It trades about 0.01 of its total potential returns per unit of risk. Calamos High Income is currently generating about 0.14 per unit of volatility. If you would invest 781.00 in Calamos High Income on September 3, 2024 and sell it today you would earn a total of 4.00 from holding Calamos High Income or generate 0.51% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Doubleline Global Bond vs. Calamos High Income
Performance |
| Timeline |
| Doubleline Global Bond |
| Calamos High Income |
Doubleline Global and Calamos High Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Doubleline Global and Calamos High
The main advantage of trading using opposite Doubleline Global and Calamos High positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Doubleline Global position performs unexpectedly, Calamos High 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 High will offset losses from the drop in Calamos High's long position.| Doubleline Global vs. Franklin Gold Precious | Doubleline Global vs. Precious Metals And | Doubleline Global vs. James Balanced Golden | Doubleline Global vs. Short Precious Metals |
| Calamos High vs. Scharf Global Opportunity | Calamos High vs. Ab Global Real | Calamos High vs. Dreyfusstandish Global Fixed | Calamos High vs. Doubleline Global Bond |
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 Bollinger Bands module to use Bollinger Bands indicator to analyze target price for a given investing horizon.
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