Correlation Between Calamos Dynamic and Nuveen Real
Can any of the company-specific risk be diversified away by investing in both Calamos Dynamic and Nuveen Real 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 Calamos Dynamic and Nuveen Real into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Calamos Dynamic Convertible and Nuveen Real Asset, you can compare the effects of market volatilities on Calamos Dynamic and Nuveen Real 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 Calamos Dynamic with a short position of Nuveen Real. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Dynamic and Nuveen Real.
Diversification Opportunities for Calamos Dynamic and Nuveen Real
-0.16 | Correlation Coefficient |
Good diversification
The 3 months correlation between Calamos and Nuveen is -0.16. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Dynamic Convertible and Nuveen Real Asset in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nuveen Real Asset and Calamos 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 Calamos Dynamic Convertible are associated (or correlated) with Nuveen Real. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nuveen Real Asset has no effect on the direction of Calamos Dynamic i.e., Calamos Dynamic and Nuveen Real go up and down completely randomly.
Pair Corralation between Calamos Dynamic and Nuveen Real
Considering the 90-day investment horizon Calamos Dynamic is expected to generate 2.59 times less return on investment than Nuveen Real. In addition to that, Calamos Dynamic is 1.4 times more volatile than Nuveen Real Asset. It trades about 0.02 of its total potential returns per unit of risk. Nuveen Real Asset is currently generating about 0.09 per unit of volatility. If you would invest 1,281 in Nuveen Real Asset on September 12, 2024 and sell it today you would earn a total of 50.00 from holding Nuveen Real Asset or generate 3.9% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
Calamos Dynamic Convertible vs. Nuveen Real Asset
Performance |
Timeline |
Calamos Dynamic Conv |
Nuveen Real Asset |
Calamos Dynamic and Nuveen Real Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Calamos Dynamic and Nuveen Real
The main advantage of trading using opposite Calamos Dynamic and Nuveen Real positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Dynamic position performs unexpectedly, Nuveen Real 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 Nuveen Real will offset losses from the drop in Nuveen Real's long position.Calamos Dynamic vs. Calamos Convertible Opportunities | Calamos Dynamic vs. Calamos Global Dynamic | Calamos Dynamic vs. Calamos Strategic Total | Calamos Dynamic vs. Calamos LongShort Equity |
Nuveen Real vs. Oxford Lane Capital | Nuveen Real vs. Orchid Island Capital | Nuveen Real vs. Guggenheim Strategic Opportunities | Nuveen Real vs. Stone Harbor Emerging |
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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
Other Complementary Tools
Commodity Directory Find actively traded commodities issued by global exchanges | |
Insider Screener Find insiders across different sectors to evaluate their impact on performance | |
Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators | |
Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges |