Correlation Between Calamos Dynamic and Jpmorgan Smartretirement
Can any of the company-specific risk be diversified away by investing in both Calamos Dynamic and Jpmorgan Smartretirement 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 Jpmorgan Smartretirement 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 Jpmorgan Smartretirement 2035, you can compare the effects of market volatilities on Calamos Dynamic and Jpmorgan Smartretirement 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 Jpmorgan Smartretirement. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Dynamic and Jpmorgan Smartretirement.
Diversification Opportunities for Calamos Dynamic and Jpmorgan Smartretirement
-0.53 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Calamos and Jpmorgan is -0.53. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Dynamic Convertible and Jpmorgan Smartretirement 2035 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jpmorgan Smartretirement 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 Jpmorgan Smartretirement. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jpmorgan Smartretirement has no effect on the direction of Calamos Dynamic i.e., Calamos Dynamic and Jpmorgan Smartretirement go up and down completely randomly.
Pair Corralation between Calamos Dynamic and Jpmorgan Smartretirement
Considering the 90-day investment horizon Calamos Dynamic is expected to generate 1.55 times less return on investment than Jpmorgan Smartretirement. In addition to that, Calamos Dynamic is 1.53 times more volatile than Jpmorgan Smartretirement 2035. It trades about 0.1 of its total potential returns per unit of risk. Jpmorgan Smartretirement 2035 is currently generating about 0.24 per unit of volatility. If you would invest 1,984 in Jpmorgan Smartretirement 2035 on November 8, 2024 and sell it today you would earn a total of 59.00 from holding Jpmorgan Smartretirement 2035 or generate 2.97% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Calamos Dynamic Convertible vs. Jpmorgan Smartretirement 2035
Performance |
| Timeline |
| Calamos Dynamic Conv |
| Jpmorgan Smartretirement |
Calamos Dynamic and Jpmorgan Smartretirement Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Dynamic and Jpmorgan Smartretirement
The main advantage of trading using opposite Calamos Dynamic and Jpmorgan Smartretirement positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Dynamic position performs unexpectedly, Jpmorgan Smartretirement 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 Jpmorgan Smartretirement will offset losses from the drop in Jpmorgan Smartretirement'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 |
| Jpmorgan Smartretirement vs. Stringer Growth Fund | Jpmorgan Smartretirement vs. Mid Cap Growth | Jpmorgan Smartretirement vs. Rational Defensive Growth | Jpmorgan Smartretirement vs. T Rowe Price |
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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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