Correlation Between Calamos Dynamic and Sa Global
Can any of the company-specific risk be diversified away by investing in both Calamos Dynamic and Sa 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 Calamos Dynamic and Sa Global 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 Sa Global Fixed, you can compare the effects of market volatilities on Calamos Dynamic and Sa 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 Calamos Dynamic with a short position of Sa Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Dynamic and Sa Global.
Diversification Opportunities for Calamos Dynamic and Sa Global
-0.11 | Correlation Coefficient |
Good diversification
The 3 months correlation between Calamos and SAXIX is -0.11. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Dynamic Convertible and Sa Global Fixed in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sa Global Fixed 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 Sa Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sa Global Fixed has no effect on the direction of Calamos Dynamic i.e., Calamos Dynamic and Sa Global go up and down completely randomly.
Pair Corralation between Calamos Dynamic and Sa Global
Considering the 90-day investment horizon Calamos Dynamic Convertible is expected to generate 11.54 times more return on investment than Sa Global. However, Calamos Dynamic is 11.54 times more volatile than Sa Global Fixed. It trades about 0.06 of its potential returns per unit of risk. Sa Global Fixed is currently generating about 0.22 per unit of risk. If you would invest 1,713 in Calamos Dynamic Convertible on December 4, 2024 and sell it today you would earn a total of 549.00 from holding Calamos Dynamic Convertible or generate 32.05% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 99.59% |
Values | Daily Returns |
Calamos Dynamic Convertible vs. Sa Global Fixed
Performance |
Timeline |
Calamos Dynamic Conv |
Sa Global Fixed |
Calamos Dynamic and Sa Global Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Calamos Dynamic and Sa Global
The main advantage of trading using opposite Calamos Dynamic and Sa Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Dynamic position performs unexpectedly, Sa 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 Sa Global will offset losses from the drop in Sa Global'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 |
Sa Global vs. Global Diversified Income | Sa Global vs. Lord Abbett Diversified | Sa Global vs. Lord Abbett Diversified | Sa Global vs. Massmutual Premier Diversified |
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 CEOs Directory module to screen CEOs from public companies around the world.
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