Calamos LongShort Correlations

CPZ Stock

USD 15.55 0.05 0.32%

The current 90-days correlation between Calamos LongShort Equity and Calamos Convertible Opportunities is 0.09 (i.e., Significant diversification). The correlation of Calamos LongShort is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak. If the correlation is 0, the equities are not correlated; they are entirely random.

Calamos LongShort Correlation With Market

Good diversification

The correlation between Calamos LongShort Equity and DJI is -0.05 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Calamos LongShort Equity and DJI in the same portfolio, assuming nothing else is changed.

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Calamos LongShort Equity. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in american community survey.

Moving together with Calamos Stock

0.61	AB	AllianceBernstein	Pair Corr
0.76	DB	Deutsche Bank AG	Pair Corr
0.73	DX	Dynex Capital	Pair Corr
0.79	LX	Lexinfintech Holdings	Pair Corr
0.65	XP	Xp Inc	Pair Corr
0.74	DYCQ	DT Cloud Acquisition	Pair Corr
0.77	EMCGU	Embrace Change Acqui	Pair Corr

Moving against Calamos Stock

0.83	WT	WisdomTree	Pair Corr
0.74	LC	LendingClub Corp	Pair Corr
0.72	DHIL	Diamond Hill Investment	Pair Corr
0.62	RC	Ready Capital Corp	Pair Corr
0.6	WD	Walker Dunlop	Pair Corr
0.49	BX	Blackstone Group	Pair Corr
0.4	MC	Moelis Normal Trading	Pair Corr
0.78	VRTS	Virtus Investment	Pair Corr
0.49	ECPG	Encore Capital Group	Pair Corr
0.39	EARN	Ellington Residential	Pair Corr
0.36	LGHLW	Lion Financial Group	Pair Corr
0.31	VCTR	Victory Capital Holdings Normal Trading	Pair Corr

Related Correlations Analysis

	CHI	CHY	CSQ	CCD	CXH	IHTA	EOT	NXC	FMN	CHW
CHI		0.97	0.75	0.88	-0.57	0.0	-0.47	-0.32	-0.32	0.46	CHI
CHY	0.97		0.63	0.79	-0.58	0.0	-0.46	-0.38	-0.36	0.37	CHY
CSQ	0.75	0.63		0.92	-0.12	0.0	0.0	0.13	0.17	0.82	CSQ
CCD	0.88	0.79	0.92		-0.31	0.0	-0.24	-0.01	-0.03	0.72	CCD
CXH	-0.57	-0.58	-0.12	-0.31		0.0	0.84	0.63	0.81	0.18	CXH
IHTA	0.0	0.0	0.0	0.0	0.0		0.0	0.0	0.0	0.0	IHTA
EOT	-0.47	-0.46	0.0	-0.24	0.84	0.0		0.61	0.89	0.33	EOT
NXC	-0.32	-0.38	0.13	-0.01	0.63	0.0	0.61		0.64	0.36	NXC
FMN	-0.32	-0.36	0.17	-0.03	0.81	0.0	0.89	0.64		0.45	FMN
CHW	0.46	0.37	0.82	0.72	0.18	0.0	0.33	0.36	0.45		CHW
	CHI	CHY	CSQ	CCD	CXH	IHTA	EOT	NXC	FMN	CHW

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

CHY	+ 0.97	CHI
CCD	+ 0.92	CSQ
FMN	+ 0.89	EOT
CCD	+ 0.88	CHI
EOT	+ 0.84	CXH
CHW	+ 0.82	CSQ

High negative correlations

CXH	- 0.58	CHY
CXH	- 0.57	CHI
EOT	- 0.47	CHI
EOT	- 0.46	CHY
NXC	- 0.38	CHY
FMN	- 0.36	CHY

Risk-Adjusted Indicators

There is a big difference between Calamos Stock performing well and Calamos LongShort Company doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Calamos LongShort's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
CHI	0.79	(0.20)	0.00	(0.52)	0.00	0.00	1.79	(1.92)	4.88
CHY	0.76	(0.18)	0.00	(0.49)	0.00	0.00	1.32	(1.83)	3.76
CSQ	0.84	(0.07)	0.00	(0.13)	0.00	0.00	1.33	(1.89)	5.19
CCD	0.79	(0.07)	0.00	(0.20)	0.00	0.00	1.41	(1.67)	7.13
CXH	0.38	(0.01)	0.04	(0.10)	0.56	(0.37)	0.76	(1.00)	2.37
IHTA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EOT	0.48	(0.02)	0.00	(0.13)	0.00	0.00	1.01	(1.28)	2.87
NXC	0.36	0.02	0.11	0.07	0.41	(0.40)	0.78	(0.68)	1.98
FMN	0.45	(0.03)	0.00	0.37	0.00	0.00	0.81	(0.99)	3.01
CHW	0.74	(0.04)	0.00	(0.10)	0.00	0.00	1.38	(1.32)	4.80

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