Correlation Between Calamos Dynamic and Global Resources
Can any of the company-specific risk be diversified away by investing in both Calamos Dynamic and Global Resources 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 Global Resources 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 Global Resources Fund, you can compare the effects of market volatilities on Calamos Dynamic and Global Resources 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 Global Resources. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Dynamic and Global Resources.
Diversification Opportunities for Calamos Dynamic and Global Resources
0.68 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Calamos and Global is 0.68. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Dynamic Convertible and Global Resources Fund in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Global Resources 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 Global Resources. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Global Resources has no effect on the direction of Calamos Dynamic i.e., Calamos Dynamic and Global Resources go up and down completely randomly.
Pair Corralation between Calamos Dynamic and Global Resources
Considering the 90-day investment horizon Calamos Dynamic is expected to generate 3.0 times less return on investment than Global Resources. But when comparing it to its historical volatility, Calamos Dynamic Convertible is 1.63 times less risky than Global Resources. It trades about 0.16 of its potential returns per unit of risk. Global Resources Fund is currently generating about 0.3 of returns per unit of risk over similar time horizon. If you would invest 421.00 in Global Resources Fund on June 6, 2025 and sell it today you would earn a total of 73.00 from holding Global Resources Fund or generate 17.34% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Calamos Dynamic Convertible vs. Global Resources Fund
Performance |
| Timeline |
| Calamos Dynamic Conv |
| Global Resources |
Calamos Dynamic and Global Resources Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Dynamic and Global Resources
The main advantage of trading using opposite Calamos Dynamic and Global Resources positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Dynamic position performs unexpectedly, Global Resources 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 Global Resources will offset losses from the drop in Global Resources' 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 |
| Global Resources vs. Westwood Short Duration | Global Resources vs. Catholic Responsible Investments | Global Resources vs. Lord Abbett Short | Global Resources vs. Prudential Short Duration |
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 Pair Correlation module to compare performance and examine fundamental relationship between any two equity instruments.
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