Correlation Between Calamos Convertible and Blackrock International
Can any of the company-specific risk be diversified away by investing in both Calamos Convertible and Blackrock International 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 Convertible and Blackrock International into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Calamos Vertible Fund and Blackrock International, you can compare the effects of market volatilities on Calamos Convertible and Blackrock International 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 Convertible with a short position of Blackrock International. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Convertible and Blackrock International.
Diversification Opportunities for Calamos Convertible and Blackrock International
0.37 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Calamos and Blackrock is 0.37. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Vertible Fund and Blackrock International in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Blackrock International and Calamos 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 Calamos Vertible Fund are associated (or correlated) with Blackrock International. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Blackrock International has no effect on the direction of Calamos Convertible i.e., Calamos Convertible and Blackrock International go up and down completely randomly.
Pair Corralation between Calamos Convertible and Blackrock International
Assuming the 90 days horizon Calamos Vertible Fund is expected to generate 0.63 times more return on investment than Blackrock International. However, Calamos Vertible Fund is 1.59 times less risky than Blackrock International. It trades about 0.06 of its potential returns per unit of risk. Blackrock International is currently generating about 0.02 per unit of risk. If you would invest 1,592 in Calamos Vertible Fund on October 12, 2024 and sell it today you would earn a total of 258.00 from holding Calamos Vertible Fund or generate 16.21% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Weak |
Accuracy | 100.0% |
Values | Daily Returns |
Calamos Vertible Fund vs. Blackrock International
Performance |
Timeline |
Calamos Convertible |
Blackrock International |
Calamos Convertible and Blackrock International Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Calamos Convertible and Blackrock International
The main advantage of trading using opposite Calamos Convertible and Blackrock International positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Convertible position performs unexpectedly, Blackrock International 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 Blackrock International will offset losses from the drop in Blackrock International's long position.Calamos Convertible vs. Fidelity Advisor Energy | Calamos Convertible vs. Transamerica Mlp Energy | Calamos Convertible vs. Blackrock All Cap Energy | Calamos Convertible vs. Tortoise Energy Independence |
Blackrock International vs. Us Vector Equity | Blackrock International vs. Doubleline Core Fixed | Blackrock International vs. Ab Equity Income | Blackrock International vs. Small Cap 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 Efficient Frontier module to plot and analyze your portfolio and positions against risk-return landscape of the market..
Other Complementary Tools
Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios | |
Analyst Advice Analyst recommendations and target price estimates broken down by several categories | |
Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine | |
Portfolio Comparator Compare the composition, asset allocations and performance of any two portfolios in your account | |
Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites |