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 Disciplined, 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
-0.18 | Correlation Coefficient |
Good diversification
The 3 months correlation between Calamos and John is -0.18. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Dynamic Convertible and John Hancock Disciplined in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on John Hancock Disciplined 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 Disciplined 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 Convertible is expected to generate 1.33 times more return on investment than John Hancock. However, Calamos Dynamic is 1.33 times more volatile than John Hancock Disciplined. It trades about 0.11 of its potential returns per unit of risk. John Hancock Disciplined is currently generating about 0.1 per unit of risk. If you would invest 1,830 in Calamos Dynamic Convertible on September 14, 2024 and sell it today you would earn a total of 566.00 from holding Calamos Dynamic Convertible or generate 30.93% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Calamos Dynamic Convertible vs. John Hancock Disciplined
Performance |
| Timeline |
| Calamos Dynamic Conv |
| John Hancock Disciplined |
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. Regional Bank Fund | John Hancock vs. Regional Bank Fund | John Hancock vs. Multimanager Lifestyle Moderate | John Hancock vs. Multimanager Lifestyle Balanced |
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 Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.
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