Correlation Between Calamos Dynamic and John Hancock
Can any of the company-specific risk be diversified away by investing in both Calamos Dynamic and John Hancock 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 Dynamic and John Hancock into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Calamos Dynamic Convertible and John Hancock Investment, you can compare the effects of market volatilities on Calamos Dynamic and John Hancock 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 Dynamic with a short position of John Hancock. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Dynamic and John Hancock.
Diversification Opportunities for Calamos Dynamic and John Hancock
0.34 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Calamos and John is 0.34. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Dynamic Convertible and John Hancock Investment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on John Hancock Investment and Calamos Dynamic 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 Dynamic Convertible are associated (or correlated) with John Hancock. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of John Hancock Investment has no effect on the direction of Calamos Dynamic i.e., Calamos Dynamic and John Hancock go up and down completely randomly.
Pair Corralation between Calamos Dynamic and John Hancock
Considering the 90-day investment horizon Calamos Dynamic is expected to generate 1.18 times less return on investment than John Hancock. In addition to that, Calamos Dynamic is 1.19 times more volatile than John Hancock Investment. It trades about 0.08 of its total potential returns per unit of risk. John Hancock Investment is currently generating about 0.11 per unit of volatility. If you would invest 7,371 in John Hancock Investment on September 3, 2024 and sell it today you would earn a total of 881.00 from holding John Hancock Investment or generate 11.95% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Calamos Dynamic Convertible vs. John Hancock Investment
Performance |
| Timeline |
| Calamos Dynamic Conv |
| John Hancock Investment |
Calamos Dynamic and John Hancock Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Dynamic and John Hancock
The main advantage of trading using opposite Calamos Dynamic and John Hancock positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Dynamic position performs unexpectedly, John Hancock 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 John Hancock will offset losses from the drop in John Hancock's long position.| Calamos Dynamic vs. Calamos Convertible Opportunities | Calamos Dynamic vs. Calamos Global Dynamic | Calamos Dynamic vs. Calamos Strategic Total | Calamos Dynamic vs. Calamos LongShort Equity |
| John Hancock vs. Calamos Dynamic Convertible | John Hancock vs. Limited Term Tax | John Hancock vs. Touchstone Premium Yield | John Hancock vs. Versatile Bond Portfolio |
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 Equity Valuation module to check real value of public entities based on technical and fundamental data.
Other Complementary Tools
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine | |
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing | |
| Equity Valuation Check real value of public entities based on technical and fundamental data | |
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance |