Correlation Between Calamos Dynamic and Value Fund
Can any of the company-specific risk be diversified away by investing in both Calamos Dynamic and Value Fund 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 Value Fund 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 Value Fund Value, you can compare the effects of market volatilities on Calamos Dynamic and Value Fund 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 Value Fund. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Dynamic and Value Fund.
Diversification Opportunities for Calamos Dynamic and Value Fund
0.79 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Calamos and Value is 0.79. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Dynamic Convertible and Value Fund Value in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Value Fund Value 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 Value Fund. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Value Fund Value has no effect on the direction of Calamos Dynamic i.e., Calamos Dynamic and Value Fund go up and down completely randomly.
Pair Corralation between Calamos Dynamic and Value Fund
Considering the 90-day investment horizon Calamos Dynamic is expected to generate 1.4 times less return on investment than Value Fund. But when comparing it to its historical volatility, Calamos Dynamic Convertible is 1.27 times less risky than Value Fund. It trades about 0.16 of its potential returns per unit of risk. Value Fund Value is currently generating about 0.17 of returns per unit of risk over similar time horizon. If you would invest 1,884 in Value Fund Value on June 1, 2025 and sell it today you would earn a total of 141.00 from holding Value Fund Value or generate 7.48% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 98.44% |
| Values | Daily Returns |
Calamos Dynamic Convertible vs. Value Fund Value
Performance |
| Timeline |
| Calamos Dynamic Conv |
| Value Fund Value |
Calamos Dynamic and Value Fund Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Dynamic and Value Fund
The main advantage of trading using opposite Calamos Dynamic and Value Fund positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Dynamic position performs unexpectedly, Value Fund 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 Value Fund will offset losses from the drop in Value Fund'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 |
| Value Fund vs. Capital Growth Fund | Value Fund vs. Emerging Markets Fund | Value Fund vs. High Income Fund | Value Fund vs. International Fund International |
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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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