Correlation Between Dreyfus/standish and Calamos International
Can any of the company-specific risk be diversified away by investing in both Dreyfus/standish and Calamos International 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 Dreyfus/standish and Calamos International into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Dreyfusstandish Global Fixed and Calamos International Growth, you can compare the effects of market volatilities on Dreyfus/standish and Calamos International 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 Dreyfus/standish with a short position of Calamos International. Check out your portfolio center. Please also check ongoing floating volatility patterns of Dreyfus/standish and Calamos International.
Diversification Opportunities for Dreyfus/standish and Calamos International
0.41 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Dreyfus/standish and Calamos is 0.41. Overlapping area represents the amount of risk that can be diversified away by holding Dreyfusstandish Global Fixed and Calamos International Growth in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calamos International and Dreyfus/standish 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 Dreyfusstandish Global Fixed are associated (or correlated) with Calamos International. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Calamos International has no effect on the direction of Dreyfus/standish i.e., Dreyfus/standish and Calamos International go up and down completely randomly.
Pair Corralation between Dreyfus/standish and Calamos International
Assuming the 90 days horizon Dreyfus/standish is expected to generate 1.49 times less return on investment than Calamos International. But when comparing it to its historical volatility, Dreyfusstandish Global Fixed is 4.26 times less risky than Calamos International. It trades about 0.11 of its potential returns per unit of risk. Calamos International Growth is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest 2,180 in Calamos International Growth on September 1, 2024 and sell it today you would earn a total of 150.00 from holding Calamos International Growth or generate 6.88% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 99.47% |
| Values | Daily Returns |
Dreyfusstandish Global Fixed vs. Calamos International Growth
Performance |
| Timeline |
| Dreyfusstandish Global |
| Calamos International |
Dreyfus/standish and Calamos International Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Dreyfus/standish and Calamos International
The main advantage of trading using opposite Dreyfus/standish and Calamos International positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Dreyfus/standish position performs unexpectedly, Calamos International 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 International will offset losses from the drop in Calamos International's long position.| Dreyfus/standish vs. Gamco Global Telecommunications | Dreyfus/standish vs. Nuveen Arizona Municipal | Dreyfus/standish vs. Ishares Municipal Bond | Dreyfus/standish vs. Blrc Sgy Mnp |
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 Efficient Frontier module to plot and analyze your portfolio and positions against risk-return landscape of the market..
Other Complementary Tools
| Fundamental Analysis View fundamental data based on most recent published financial statements | |
| CEOs Directory Screen CEOs from public companies around the world | |
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories | |
| Equity Valuation Check real value of public entities based on technical and fundamental data | |
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities |