Correlation Between Mfs Municipal and Calamos Vertible
Can any of the company-specific risk be diversified away by investing in both Mfs Municipal and Calamos Vertible 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 Mfs Municipal and Calamos Vertible into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Mfs Municipal High and Calamos Vertible Fund, you can compare the effects of market volatilities on Mfs Municipal and Calamos Vertible 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 Mfs Municipal with a short position of Calamos Vertible. Check out your portfolio center. Please also check ongoing floating volatility patterns of Mfs Municipal and Calamos Vertible.
Diversification Opportunities for Mfs Municipal and Calamos Vertible
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Mfs and Calamos is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Mfs Municipal High and Calamos Vertible Fund in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calamos Vertible and Mfs Municipal 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 Mfs Municipal High are associated (or correlated) with Calamos Vertible. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Calamos Vertible has no effect on the direction of Mfs Municipal i.e., Mfs Municipal and Calamos Vertible go up and down completely randomly.
Pair Corralation between Mfs Municipal and Calamos Vertible
If you would invest 1,872 in Calamos Vertible Fund on October 25, 2024 and sell it today you would earn a total of 27.00 from holding Calamos Vertible Fund or generate 1.44% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Mfs Municipal High vs. Calamos Vertible Fund
Performance |
| Timeline |
| Mfs Municipal High |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Calamos Vertible |
Mfs Municipal and Calamos Vertible Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Mfs Municipal and Calamos Vertible
The main advantage of trading using opposite Mfs Municipal and Calamos Vertible positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Mfs Municipal position performs unexpectedly, Calamos Vertible 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 Vertible will offset losses from the drop in Calamos Vertible's long position.| Mfs Municipal vs. Firsthand Technology Opportunities | Mfs Municipal vs. Columbia Global Technology | Mfs Municipal vs. Icon Information Technology | Mfs Municipal vs. Hennessy Technology Fund |
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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 Portfolio Backtesting module to avoid under-diversification and over-optimization by backtesting your portfolios.
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