Correlation Between Calamos Dynamic and Multimanager Lifestyle
Can any of the company-specific risk be diversified away by investing in both Calamos Dynamic and Multimanager Lifestyle 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 Multimanager Lifestyle 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 Multimanager Lifestyle Aggressive, you can compare the effects of market volatilities on Calamos Dynamic and Multimanager Lifestyle 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 Multimanager Lifestyle. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Dynamic and Multimanager Lifestyle.
Diversification Opportunities for Calamos Dynamic and Multimanager Lifestyle
0.87 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Calamos and Multimanager is 0.87. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Dynamic Convertible and Multimanager Lifestyle Aggress in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Multimanager Lifestyle 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 Multimanager Lifestyle. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Multimanager Lifestyle has no effect on the direction of Calamos Dynamic i.e., Calamos Dynamic and Multimanager Lifestyle go up and down completely randomly.
Pair Corralation between Calamos Dynamic and Multimanager Lifestyle
Considering the 90-day investment horizon Calamos Dynamic Convertible is expected to generate 0.93 times more return on investment than Multimanager Lifestyle. However, Calamos Dynamic Convertible is 1.08 times less risky than Multimanager Lifestyle. It trades about 0.18 of its potential returns per unit of risk. Multimanager Lifestyle Aggressive is currently generating about 0.16 per unit of risk. If you would invest 1,971 in Calamos Dynamic Convertible on June 12, 2025 and sell it today you would earn a total of 124.00 from holding Calamos Dynamic Convertible or generate 6.29% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Calamos Dynamic Convertible vs. Multimanager Lifestyle Aggress
Performance |
| Timeline |
| Calamos Dynamic Conv |
| Multimanager Lifestyle |
Calamos Dynamic and Multimanager Lifestyle Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Dynamic and Multimanager Lifestyle
The main advantage of trading using opposite Calamos Dynamic and Multimanager Lifestyle positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Dynamic position performs unexpectedly, Multimanager Lifestyle 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 Multimanager Lifestyle will offset losses from the drop in Multimanager Lifestyle'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 |
| Multimanager Lifestyle vs. Fidelity Advisor Health | Multimanager Lifestyle vs. Lord Abbett Health | Multimanager Lifestyle vs. Hartford Healthcare Hls | Multimanager Lifestyle vs. Alger Health Sciences |
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 AI Portfolio Prophet module to use AI to generate optimal portfolios and find profitable investment opportunities.
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