The correlations which are observed between a convertible’s theoretical value and relevant influential factors such as the underlying stock price, call protection, stock dividends, interest rates, and so on. This value is positively correlated with the underlying stock price, volatility of the underlying stock, issuer credit quality, and call protection. On the contrary, it is negatively correlated with stock dividends and interest rates. The impact of these various factors on the price of a convertible can be measured using the Greeks (delta, gamma, vega, rho, theta, etc).