Correlation Between Pimco Dynamic and Calamos Global
Can any of the company-specific risk be diversified away by investing in both Pimco Dynamic and Calamos Global 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 Pimco Dynamic and Calamos Global into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Pimco Dynamic Income and Calamos Global Sustainable, you can compare the effects of market volatilities on Pimco Dynamic and Calamos Global 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 Pimco Dynamic with a short position of Calamos Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of Pimco Dynamic and Calamos Global.
Diversification Opportunities for Pimco Dynamic and Calamos Global
-0.29 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Pimco and Calamos is -0.29. Overlapping area represents the amount of risk that can be diversified away by holding Pimco Dynamic Income and Calamos Global Sustainable in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calamos Global Susta and Pimco Dynamic 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 Pimco Dynamic Income are associated (or correlated) with Calamos Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Calamos Global Susta has no effect on the direction of Pimco Dynamic i.e., Pimco Dynamic and Calamos Global go up and down completely randomly.
Pair Corralation between Pimco Dynamic and Calamos Global
Considering the 90-day investment horizon Pimco Dynamic Income is expected to generate 1.21 times more return on investment than Calamos Global. However, Pimco Dynamic is 1.21 times more volatile than Calamos Global Sustainable. It trades about 0.07 of its potential returns per unit of risk. Calamos Global Sustainable is currently generating about 0.06 per unit of risk. If you would invest 1,417 in Pimco Dynamic Income on September 24, 2024 and sell it today you would earn a total of 420.00 from holding Pimco Dynamic Income or generate 29.64% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 20.32% |
| Values | Daily Returns |
Pimco Dynamic Income vs. Calamos Global Sustainable
Performance |
| Timeline |
| Pimco Dynamic Income |
| Calamos Global Susta |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Pimco Dynamic and Calamos Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Pimco Dynamic and Calamos Global
The main advantage of trading using opposite Pimco Dynamic and Calamos Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Pimco Dynamic position performs unexpectedly, Calamos Global 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 Global will offset losses from the drop in Calamos Global's long position.| Pimco Dynamic vs. Pimco Corporate Income | Pimco Dynamic vs. Guggenheim Strategic Opportunities | Pimco Dynamic vs. Pimco Dynamic Income | Pimco Dynamic vs. Pimco High Income |
| Calamos Global vs. Baillie Gifford Health | Calamos Global vs. Alger Health Sciences | Calamos Global vs. Hartford Healthcare Hls | Calamos Global vs. Allianzgi Health Sciences |
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 Center module to all portfolio management and optimization tools to improve performance of your portfolios.
Other Complementary Tools
| ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments | |
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
| ETFs Find actively traded Exchange Traded Funds (ETF) from around the world | |
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
| Price Transformation Use Price Transformation models to analyze the depth of different equity instruments across global markets |