Correlation Between Putnam Convertible and Calamos Global
Can any of the company-specific risk be diversified away by investing in both Putnam Convertible and Calamos Global 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 Putnam Convertible and Calamos Global into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Putnam Vertible Securities and Calamos Global Vertible, you can compare the effects of market volatilities on Putnam Convertible and Calamos Global 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 Putnam Convertible with a short position of Calamos Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of Putnam Convertible and Calamos Global.
Diversification Opportunities for Putnam Convertible and Calamos Global
0.87 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Putnam and Calamos is 0.87. Overlapping area represents the amount of risk that can be diversified away by holding Putnam Vertible Securities and Calamos Global Vertible in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calamos Global Vertible and Putnam 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 Putnam Vertible Securities are associated (or correlated) with Calamos Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Calamos Global Vertible has no effect on the direction of Putnam Convertible i.e., Putnam Convertible and Calamos Global go up and down completely randomly.
Pair Corralation between Putnam Convertible and Calamos Global
Assuming the 90 days horizon Putnam Vertible Securities is expected to generate 1.3 times more return on investment than Calamos Global. However, Putnam Convertible is 1.3 times more volatile than Calamos Global Vertible. It trades about 0.37 of its potential returns per unit of risk. Calamos Global Vertible is currently generating about 0.39 per unit of risk. If you would invest 2,400 in Putnam Vertible Securities on April 16, 2025 and sell it today you would earn a total of 328.00 from holding Putnam Vertible Securities or generate 13.67% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 98.36% |
| Values | Daily Returns |
Putnam Vertible Securities vs. Calamos Global Vertible
Performance |
| Timeline |
| Putnam Vertible Secu |
Risk-Adjusted Performance
Strong
Weak | Strong |
| Calamos Global Vertible |
Risk-Adjusted Performance
Strong
Weak | Strong |
Putnam Convertible and Calamos Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Putnam Convertible and Calamos Global
The main advantage of trading using opposite Putnam Convertible and Calamos Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Putnam Convertible position performs unexpectedly, Calamos Global 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 Calamos Global will offset losses from the drop in Calamos Global's long position.| Putnam Convertible vs. International Investors Gold | Putnam Convertible vs. Europac Gold Fund | Putnam Convertible vs. Goldman Sachs Clean | Putnam Convertible vs. Vy Goldman Sachs |
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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 CEOs Directory module to screen CEOs from public companies around the world.
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