Correlation Between Calamos Global and Janus High
Can any of the company-specific risk be diversified away by investing in both Calamos Global and Janus High 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 Global and Janus High into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Calamos Global Sustainable and Janus High Yield Fund, you can compare the effects of market volatilities on Calamos Global and Janus High 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 Global with a short position of Janus High. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Global and Janus High.
Diversification Opportunities for Calamos Global and Janus High
-0.07 | Correlation Coefficient |
Good diversification
The 3 months correlation between Calamos and Janus is -0.07. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Global Sustainable and Janus High Yield Fund in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Janus High Yield and Calamos Global 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 Global Sustainable are associated (or correlated) with Janus High. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Janus High Yield has no effect on the direction of Calamos Global i.e., Calamos Global and Janus High go up and down completely randomly.
Pair Corralation between Calamos Global and Janus High
Assuming the 90 days horizon Calamos Global Sustainable is expected to generate 2.23 times more return on investment than Janus High. However, Calamos Global is 2.23 times more volatile than Janus High Yield Fund. It trades about 0.06 of its potential returns per unit of risk. Janus High Yield Fund is currently generating about 0.12 per unit of risk. If you would invest 784.00 in Calamos Global Sustainable on September 20, 2024 and sell it today you would earn a total of 34.00 from holding Calamos Global Sustainable or generate 4.34% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 20.61% |
| Values | Daily Returns |
Calamos Global Sustainable vs. Janus High Yield Fund
Performance |
| Timeline |
| Calamos Global Susta |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Janus High Yield |
Calamos Global and Janus High Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Global and Janus High
The main advantage of trading using opposite Calamos Global and Janus High positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Global position performs unexpectedly, Janus High 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 Janus High will offset losses from the drop in Janus High's long position.| Calamos Global vs. Voya High Yield | Calamos Global vs. Jpmorgan High Yield | Calamos Global vs. Artisan High Income | Calamos Global vs. Virtus High Yield |
| Janus High vs. Columbia Income Opportunities | Janus High vs. Eaton Vance Floating Rate | Janus High vs. Aquagold International | Janus High vs. Morningstar Unconstrained Allocation |
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 Portfolio Anywhere module to track or share privately all of your investments from the convenience of any device.
Other Complementary Tools
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences | |
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas | |
| Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk | |
| Equity Valuation Check real value of public entities based on technical and fundamental data | |
| Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format |