Correlation Between Gabelli Convertible and Calamos Dividend
Can any of the company-specific risk be diversified away by investing in both Gabelli Convertible and Calamos Dividend 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 Gabelli Convertible and Calamos Dividend into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Gabelli Convertible And and Calamos Dividend Growth, you can compare the effects of market volatilities on Gabelli Convertible and Calamos Dividend 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 Gabelli Convertible with a short position of Calamos Dividend. Check out your portfolio center. Please also check ongoing floating volatility patterns of Gabelli Convertible and Calamos Dividend.
Diversification Opportunities for Gabelli Convertible and Calamos Dividend
-0.06 | Correlation Coefficient |
Good diversification
The 3 months correlation between Gabelli and Calamos is -0.06. Overlapping area represents the amount of risk that can be diversified away by holding Gabelli Convertible And and Calamos Dividend Growth in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calamos Dividend Growth and Gabelli Convertible 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 Gabelli Convertible And are associated (or correlated) with Calamos Dividend. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Calamos Dividend Growth has no effect on the direction of Gabelli Convertible i.e., Gabelli Convertible and Calamos Dividend go up and down completely randomly.
Pair Corralation between Gabelli Convertible and Calamos Dividend
Considering the 90-day investment horizon Gabelli Convertible And is expected to generate 1.33 times more return on investment than Calamos Dividend. However, Gabelli Convertible is 1.33 times more volatile than Calamos Dividend Growth. It trades about 0.12 of its potential returns per unit of risk. Calamos Dividend Growth is currently generating about 0.11 per unit of risk. If you would invest 345.00 in Gabelli Convertible And on September 3, 2024 and sell it today you would earn a total of 58.00 from holding Gabelli Convertible And or generate 16.81% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Gabelli Convertible And vs. Calamos Dividend Growth
Performance |
| Timeline |
| Gabelli Convertible And |
| Calamos Dividend Growth |
Gabelli Convertible and Calamos Dividend Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Gabelli Convertible and Calamos Dividend
The main advantage of trading using opposite Gabelli Convertible and Calamos Dividend positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Gabelli Convertible position performs unexpectedly, Calamos Dividend 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 Dividend will offset losses from the drop in Calamos Dividend's long position.| Gabelli Convertible vs. Gabelli Global Small | Gabelli Convertible vs. MFS Investment Grade | Gabelli Convertible vs. Eaton Vance National | Gabelli Convertible vs. GAMCO Natural Resources |
| Calamos Dividend vs. Putnam Convertible Incm Gwth | Calamos Dividend vs. Gabelli Convertible And | Calamos Dividend vs. Absolute Convertible Arbitrage | Calamos Dividend vs. Advent Claymore Convertible |
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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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