Correlation Between Cohen Steers and Calamos Dynamic
Can any of the company-specific risk be diversified away by investing in both Cohen Steers 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 Cohen Steers and Calamos Dynamic into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Cohen Steers Mlp and Calamos Dynamic Convertible, you can compare the effects of market volatilities on Cohen Steers 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 Cohen Steers with a short position of Calamos Dynamic. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cohen Steers and Calamos Dynamic.
Diversification Opportunities for Cohen Steers and Calamos Dynamic
0.4 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Cohen and Calamos is 0.4. Overlapping area represents the amount of risk that can be diversified away by holding Cohen Steers Mlp 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 Cohen Steers 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 Cohen Steers Mlp 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 Cohen Steers i.e., Cohen Steers and Calamos Dynamic go up and down completely randomly.
Pair Corralation between Cohen Steers and Calamos Dynamic
Assuming the 90 days horizon Cohen Steers Mlp is expected to generate 0.61 times more return on investment than Calamos Dynamic. However, Cohen Steers Mlp is 1.65 times less risky than Calamos Dynamic. It trades about 0.34 of its potential returns per unit of risk. Calamos Dynamic Convertible is currently generating about -0.13 per unit of risk. If you would invest 881.00 in Cohen Steers Mlp on August 29, 2024 and sell it today you would earn a total of 47.00 from holding Cohen Steers Mlp or generate 5.33% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Cohen Steers Mlp vs. Calamos Dynamic Convertible
Performance |
| Timeline |
| Cohen Steers Mlp |
| Calamos Dynamic Conv |
Cohen Steers and Calamos Dynamic Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cohen Steers and Calamos Dynamic
The main advantage of trading using opposite Cohen Steers and Calamos Dynamic positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cohen Steers 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.| Cohen Steers vs. Calamos Dynamic Convertible | Cohen Steers vs. Gabelli Convertible And | Cohen Steers vs. Virtus Convertible | Cohen Steers vs. Lord Abbett Convertible |
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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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
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