Correlation Between Calamos Dynamic and Gmo High
Can any of the company-specific risk be diversified away by investing in both Calamos Dynamic and Gmo High 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 Gmo High 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 Gmo High Yield, you can compare the effects of market volatilities on Calamos Dynamic and Gmo High 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 Gmo High. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Dynamic and Gmo High.
Diversification Opportunities for Calamos Dynamic and Gmo High
0.52 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Calamos and Gmo is 0.52. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Dynamic Convertible and Gmo High Yield in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Gmo High Yield 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 Gmo High. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Gmo High Yield has no effect on the direction of Calamos Dynamic i.e., Calamos Dynamic and Gmo High go up and down completely randomly.
Pair Corralation between Calamos Dynamic and Gmo High
Considering the 90-day investment horizon Calamos Dynamic Convertible is expected to generate 3.67 times more return on investment than Gmo High. However, Calamos Dynamic is 3.67 times more volatile than Gmo High Yield. It trades about 0.12 of its potential returns per unit of risk. Gmo High Yield is currently generating about 0.36 per unit of risk. If you would invest 1,957 in Calamos Dynamic Convertible on May 28, 2025 and sell it today you would earn a total of 74.00 from holding Calamos Dynamic Convertible or generate 3.78% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Calamos Dynamic Convertible vs. Gmo High Yield
Performance |
| Timeline |
| Calamos Dynamic Conv |
| Gmo High Yield |
Calamos Dynamic and Gmo High Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Dynamic and Gmo High
The main advantage of trading using opposite Calamos Dynamic and Gmo High positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Dynamic position performs unexpectedly, Gmo High 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 Gmo High will offset losses from the drop in Gmo High's long position.| Calamos Dynamic vs. Calamos Convertible And | Calamos Dynamic vs. Calamos Global Dynamic | Calamos Dynamic vs. Calamos Convertible Opportunities | Calamos Dynamic vs. Calamos LongShort Equity |
| Gmo High vs. Omni Small Cap Value | Gmo High vs. Volumetric Fund Volumetric | Gmo High vs. Chase Growth Fund | Gmo High vs. T Rowe Price |
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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
Other Complementary Tools
| Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators | |
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets | |
| Equity Valuation Check real value of public entities based on technical and fundamental data | |
| Content Syndication Quickly integrate customizable finance content to your own investment portal | |
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios |