Correlation Between Advent Claymore and Calamos Global

Can any of the company-specific risk be diversified away by investing in both Advent Claymore 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 Advent Claymore and Calamos Global into the same portfolio, which is an essential part of the fundamental portfolio management process.

By analyzing existing cross correlation between Advent Claymore Convertible and Calamos Global Dynamic, you can compare the effects of market volatilities on Advent Claymore 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 Advent Claymore with a short position of Calamos Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of Advent Claymore and Calamos Global.

Diversification Opportunities for Advent Claymore and Calamos Global

0.96

Correlation Coefficient

Advent Claymore  Calamos Global

Almost no diversification

The 3 months correlation between Advent and Calamos is 0.96. Overlapping area represents the amount of risk that can be diversified away by holding Advent Claymore Convertible and Calamos Global Dynamic in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calamos Global Dynamic and Advent Claymore 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 Advent Claymore Convertible 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 Dynamic has no effect on the direction of Advent Claymore i.e., Advent Claymore and Calamos Global go up and down completely randomly.

Pair Corralation between Advent Claymore and Calamos Global

Considering the 90-day investment horizon Advent Claymore is expected to generate 1.01 times less return on investment than Calamos Global. But when comparing it to its historical volatility, Advent Claymore Convertible is 1.04 times less risky than Calamos Global. It trades about 0.21 of its potential returns per unit of risk. Calamos Global Dynamic is currently generating about 0.21 of returns per unit of risk over similar time horizon. If you would invest  697.00  in Calamos Global Dynamic on July 2, 2025 and sell it today you would earn a total of  52.00  from holding Calamos Global Dynamic or generate 7.46% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Moves Together
Strength	Very Strong
Accuracy	100.0%
Values	Daily Returns

Advent Claymore Convertible  vs.  Calamos Global Dynamic

Advent Claymore Conv

Risk-Adjusted Performance

Solid

Compared to the overall equity markets, risk-adjusted returns on investments in Advent Claymore Convertible are ranked lower than 16 (%) of all funds and portfolios of funds over the last 90 days. Despite quite inconsistent basic indicators, Advent Claymore may actually be approaching a critical reversion point that can send shares even higher in October 2025.

Calamos Global Dynamic

Risk-Adjusted Performance

Solid

Compared to the overall equity markets, risk-adjusted returns on investments in Calamos Global Dynamic are ranked lower than 16 (%) of all funds and portfolios of funds over the last 90 days. In spite of fairly inconsistent technical indicators, Calamos Global may actually be approaching a critical reversion point that can send shares even higher in October 2025.

Pair Trading with Advent Claymore and Calamos Global

The main advantage of trading using opposite Advent Claymore and Calamos Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Advent Claymore 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.

The idea behind Advent Claymore Convertible and Calamos Global Dynamic pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.

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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.