Correlation Between Allianzgi Convertible and Calamos Strategic
Can any of the company-specific risk be diversified away by investing in both Allianzgi Convertible and Calamos Strategic 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 Allianzgi Convertible and Calamos Strategic into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Allianzgi Convertible Income and Calamos Strategic Total, you can compare the effects of market volatilities on Allianzgi Convertible and Calamos Strategic 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 Allianzgi Convertible with a short position of Calamos Strategic. Check out your portfolio center. Please also check ongoing floating volatility patterns of Allianzgi Convertible and Calamos Strategic.
Diversification Opportunities for Allianzgi Convertible and Calamos Strategic
0.85 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Allianzgi and Calamos is 0.85. Overlapping area represents the amount of risk that can be diversified away by holding Allianzgi Convertible Income and Calamos Strategic Total in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calamos Strategic Total and Allianzgi 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 Allianzgi Convertible Income are associated (or correlated) with Calamos Strategic. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Calamos Strategic Total has no effect on the direction of Allianzgi Convertible i.e., Allianzgi Convertible and Calamos Strategic go up and down completely randomly.
Pair Corralation between Allianzgi Convertible and Calamos Strategic
Considering the 90-day investment horizon Allianzgi Convertible Income is expected to generate 1.23 times more return on investment than Calamos Strategic. However, Allianzgi Convertible is 1.23 times more volatile than Calamos Strategic Total. It trades about 0.35 of its potential returns per unit of risk. Calamos Strategic Total is currently generating about 0.15 per unit of risk. If you would invest 338.00 in Allianzgi Convertible Income on August 28, 2024 and sell it today you would earn a total of 28.00 from holding Allianzgi Convertible Income or generate 8.28% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Allianzgi Convertible Income vs. Calamos Strategic Total
Performance |
| Timeline |
| Allianzgi Convertible |
| Calamos Strategic Total |
Allianzgi Convertible and Calamos Strategic Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Allianzgi Convertible and Calamos Strategic
The main advantage of trading using opposite Allianzgi Convertible and Calamos Strategic positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Allianzgi Convertible position performs unexpectedly, Calamos Strategic 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 Strategic will offset losses from the drop in Calamos Strategic's long position.| Allianzgi Convertible vs. Calamos Global Dynamic | Allianzgi Convertible vs. Calamos Strategic Total | Allianzgi Convertible vs. Calamos LongShort Equity | Allianzgi Convertible vs. DTF Tax Free |
| Calamos Strategic vs. Calamos Convertible Opportunities | Calamos Strategic vs. Calamos Dynamic Convertible | Calamos Strategic vs. Calamos Global Dynamic | Calamos Strategic 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 Portfolio Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
Other Complementary Tools
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device | |
| Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets | |
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing | |
| Odds Of Bankruptcy Get analysis of equity chance of financial distress in the next 2 years | |
| CEOs Directory Screen CEOs from public companies around the world |