Correlation Between Voya Limited and Calamos Dynamic
Can any of the company-specific risk be diversified away by investing in both Voya Limited and Calamos Dynamic 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 Voya Limited and Calamos Dynamic into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Voya Limited Maturity and Calamos Dynamic Convertible, you can compare the effects of market volatilities on Voya Limited and Calamos Dynamic 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 Voya Limited with a short position of Calamos Dynamic. Check out your portfolio center. Please also check ongoing floating volatility patterns of Voya Limited and Calamos Dynamic.
Diversification Opportunities for Voya Limited and Calamos Dynamic
0.38 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Voya and Calamos is 0.38. Overlapping area represents the amount of risk that can be diversified away by holding Voya Limited Maturity and Calamos Dynamic Convertible in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calamos Dynamic Conv and Voya Limited 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 Voya Limited Maturity are associated (or correlated) with Calamos Dynamic. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Calamos Dynamic Conv has no effect on the direction of Voya Limited i.e., Voya Limited and Calamos Dynamic go up and down completely randomly.
Pair Corralation between Voya Limited and Calamos Dynamic
Assuming the 90 days horizon Voya Limited Maturity is not expected to generate positive returns. However, Voya Limited Maturity is 11.22 times less risky than Calamos Dynamic. It waists most of its returns potential to compensate for thr risk taken. Calamos Dynamic is generating about 0.04 per unit of risk. If you would invest 2,372 in Calamos Dynamic Convertible on September 4, 2024 and sell it today you would earn a total of 18.00 from holding Calamos Dynamic Convertible or generate 0.76% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Voya Limited Maturity vs. Calamos Dynamic Convertible
Performance |
| Timeline |
| Voya Limited Maturity |
| Calamos Dynamic Conv |
Voya Limited and Calamos Dynamic Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Voya Limited and Calamos Dynamic
The main advantage of trading using opposite Voya Limited and Calamos Dynamic positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Voya Limited position performs unexpectedly, Calamos Dynamic 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 Dynamic will offset losses from the drop in Calamos Dynamic's long position.| Voya Limited vs. Calamos Dynamic Convertible | Voya Limited vs. Lord Abbett Convertible | Voya Limited vs. Allianzgi Convertible Income | Voya Limited vs. Fidelity Sai Convertible |
| Calamos Dynamic vs. Calamos Convertible Opportunities | Calamos Dynamic vs. Calamos Global Dynamic | Calamos Dynamic vs. Calamos Strategic Total | Calamos Dynamic 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 Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
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