Correlation Between Calamos ETF and WisdomTree Dynamic

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Can any of the company-specific risk be diversified away by investing in both Calamos ETF and WisdomTree 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 Calamos ETF and WisdomTree Dynamic into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Calamos ETF Trust and WisdomTree Dynamic Currency, you can compare the effects of market volatilities on Calamos ETF and WisdomTree 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 Calamos ETF with a short position of WisdomTree Dynamic. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos ETF and WisdomTree Dynamic.

Diversification Opportunities for Calamos ETF and WisdomTree Dynamic

0.95
  Correlation Coefficient

Almost no diversification

The 3 months correlation between Calamos and WisdomTree is 0.95. Overlapping area represents the amount of risk that can be diversified away by holding Calamos ETF Trust and WisdomTree Dynamic Currency in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on WisdomTree Dynamic and Calamos ETF 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 ETF Trust are associated (or correlated) with WisdomTree Dynamic. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of WisdomTree Dynamic has no effect on the direction of Calamos ETF i.e., Calamos ETF and WisdomTree Dynamic go up and down completely randomly.

Pair Corralation between Calamos ETF and WisdomTree Dynamic

Given the investment horizon of 90 days Calamos ETF is expected to generate 2.66 times less return on investment than WisdomTree Dynamic. But when comparing it to its historical volatility, Calamos ETF Trust is 3.29 times less risky than WisdomTree Dynamic. It trades about 0.37 of its potential returns per unit of risk. WisdomTree Dynamic Currency is currently generating about 0.3 of returns per unit of risk over similar time horizon. If you would invest  3,576  in WisdomTree Dynamic Currency on April 23, 2025 and sell it today you would earn a total of  447.00  from holding WisdomTree Dynamic Currency or generate 12.5% return on investment over 90 days.
Time Period3 Months [change]
DirectionMoves Together 
StrengthVery Strong
Accuracy98.39%
ValuesDaily Returns

Calamos ETF Trust  vs.  WisdomTree Dynamic Currency

 Performance 
       Timeline  
Calamos ETF Trust 

Risk-Adjusted Performance

Strong

 
Weak
 
Strong
Compared to the overall equity markets, risk-adjusted returns on investments in Calamos ETF Trust are ranked lower than 29 (%) of all global equities and portfolios over the last 90 days. In spite of rather sound basic indicators, Calamos ETF is not utilizing all of its potentials. The current stock price tumult, may contribute to shorter-term losses for the shareholders.
WisdomTree Dynamic 

Risk-Adjusted Performance

Solid

 
Weak
 
Strong
Compared to the overall equity markets, risk-adjusted returns on investments in WisdomTree Dynamic Currency are ranked lower than 23 (%) of all global equities and portfolios over the last 90 days. In spite of comparatively unfluctuating essential indicators, WisdomTree Dynamic may actually be approaching a critical reversion point that can send shares even higher in August 2025.

Calamos ETF and WisdomTree Dynamic Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with Calamos ETF and WisdomTree Dynamic

The main advantage of trading using opposite Calamos ETF and WisdomTree Dynamic positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos ETF position performs unexpectedly, WisdomTree 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 WisdomTree Dynamic will offset losses from the drop in WisdomTree Dynamic's long position.
The idea behind Calamos ETF Trust and WisdomTree Dynamic Currency 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 Portfolio Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.

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