Correlation Between Nuveen Preferred and Calamos LongShort
Can any of the company-specific risk be diversified away by investing in both Nuveen Preferred and Calamos LongShort 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 Nuveen Preferred and Calamos LongShort into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Nuveen Preferred And and Calamos LongShort Equity, you can compare the effects of market volatilities on Nuveen Preferred and Calamos LongShort 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 Nuveen Preferred with a short position of Calamos LongShort. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nuveen Preferred and Calamos LongShort.
Diversification Opportunities for Nuveen Preferred and Calamos LongShort
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Nuveen and Calamos is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Nuveen Preferred And and Calamos LongShort Equity in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calamos LongShort Equity and Nuveen Preferred 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 Nuveen Preferred And are associated (or correlated) with Calamos LongShort. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Calamos LongShort Equity has no effect on the direction of Nuveen Preferred i.e., Nuveen Preferred and Calamos LongShort go up and down completely randomly.
Pair Corralation between Nuveen Preferred and Calamos LongShort
If you would invest 1,524 in Calamos LongShort Equity on November 9, 2024 and sell it today you would earn a total of 36.00 from holding Calamos LongShort Equity or generate 2.36% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Nuveen Preferred And vs. Calamos LongShort Equity
Performance |
| Timeline |
| Nuveen Preferred And |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
| Calamos LongShort Equity |
Nuveen Preferred and Calamos LongShort Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Nuveen Preferred and Calamos LongShort
The main advantage of trading using opposite Nuveen Preferred and Calamos LongShort positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nuveen Preferred position performs unexpectedly, Calamos LongShort 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 LongShort will offset losses from the drop in Calamos LongShort's long position.| Nuveen Preferred vs. MFS Investment Grade | Nuveen Preferred vs. Eaton Vance National | Nuveen Preferred vs. Nuveen California Select | Nuveen Preferred vs. Federated Premier Municipal |
| Calamos LongShort vs. Calamos Convertible Opportunities | Calamos LongShort vs. Calamos Convertible And | Calamos LongShort vs. Calamos Strategic Total | Calamos LongShort vs. Calamos Dynamic 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 Portfolio Comparator module to compare the composition, asset allocations and performance of any two portfolios in your account.
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