Correlation Between Tiaa-cref Emerging and Calamos Dynamic
Can any of the company-specific risk be diversified away by investing in both Tiaa-cref Emerging and Calamos Dynamic 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 Tiaa-cref Emerging and Calamos Dynamic into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Tiaa Cref Emerging Markets and Calamos Dynamic Convertible, you can compare the effects of market volatilities on Tiaa-cref Emerging and Calamos Dynamic 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 Tiaa-cref Emerging with a short position of Calamos Dynamic. Check out your portfolio center. Please also check ongoing floating volatility patterns of Tiaa-cref Emerging and Calamos Dynamic.
Diversification Opportunities for Tiaa-cref Emerging and Calamos Dynamic
0.64 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Tiaa-cref and Calamos is 0.64. Overlapping area represents the amount of risk that can be diversified away by holding Tiaa Cref Emerging Markets and Calamos Dynamic Convertible in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calamos Dynamic Conv and Tiaa-cref Emerging 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 Tiaa Cref Emerging Markets are associated (or correlated) with Calamos Dynamic. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Calamos Dynamic Conv has no effect on the direction of Tiaa-cref Emerging i.e., Tiaa-cref Emerging and Calamos Dynamic go up and down completely randomly.
Pair Corralation between Tiaa-cref Emerging and Calamos Dynamic
Assuming the 90 days horizon Tiaa-cref Emerging is expected to generate 1.71 times less return on investment than Calamos Dynamic. But when comparing it to its historical volatility, Tiaa Cref Emerging Markets is 5.28 times less risky than Calamos Dynamic. It trades about 0.44 of its potential returns per unit of risk. Calamos Dynamic Convertible is currently generating about 0.14 of returns per unit of risk over similar time horizon. If you would invest 2,009 in Calamos Dynamic Convertible on July 23, 2025 and sell it today you would earn a total of 156.00 from holding Calamos Dynamic Convertible or generate 7.77% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Tiaa Cref Emerging Markets vs. Calamos Dynamic Convertible
Performance |
| Timeline |
| Tiaa Cref Emerging |
| Calamos Dynamic Conv |
Tiaa-cref Emerging and Calamos Dynamic Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Tiaa-cref Emerging and Calamos Dynamic
The main advantage of trading using opposite Tiaa-cref Emerging and Calamos Dynamic positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Tiaa-cref Emerging position performs unexpectedly, Calamos Dynamic 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 Dynamic will offset losses from the drop in Calamos Dynamic's long position.| Tiaa-cref Emerging vs. Putnman Retirement Ready | Tiaa-cref Emerging vs. Transamerica Asset Allocation | Tiaa-cref Emerging vs. American Funds Retirement | Tiaa-cref Emerging vs. Dimensional 2030 Target |
| Calamos Dynamic vs. Calamos Global Dynamic | Calamos Dynamic vs. Nuveen California Amt | Calamos Dynamic vs. Eaton Vance Risk | Calamos Dynamic vs. American Beacon 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 Portfolio Backtesting module to avoid under-diversification and over-optimization by backtesting your portfolios.
Other Complementary Tools
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges | |
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals | |
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules |