Correlation Between Calamos Short-term and Jpmorgan Short-intermedia
Can any of the company-specific risk be diversified away by investing in both Calamos Short-term and Jpmorgan Short-intermedia 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 Short-term and Jpmorgan Short-intermedia into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Calamos Short Term Bond and Jpmorgan Short Intermediate Municipal, you can compare the effects of market volatilities on Calamos Short-term and Jpmorgan Short-intermedia 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 Short-term with a short position of Jpmorgan Short-intermedia. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Short-term and Jpmorgan Short-intermedia.
Diversification Opportunities for Calamos Short-term and Jpmorgan Short-intermedia
0.76 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Calamos and JPMORGAN is 0.76. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Short Term Bond and Jpmorgan Short Intermediate Mu in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jpmorgan Short-intermedia and Calamos Short-term 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 Short Term Bond are associated (or correlated) with Jpmorgan Short-intermedia. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jpmorgan Short-intermedia has no effect on the direction of Calamos Short-term i.e., Calamos Short-term and Jpmorgan Short-intermedia go up and down completely randomly.
Pair Corralation between Calamos Short-term and Jpmorgan Short-intermedia
Assuming the 90 days horizon Calamos Short Term Bond is expected to generate 1.11 times more return on investment than Jpmorgan Short-intermedia. However, Calamos Short-term is 1.11 times more volatile than Jpmorgan Short Intermediate Municipal. It trades about 0.04 of its potential returns per unit of risk. Jpmorgan Short Intermediate Municipal is currently generating about 0.0 per unit of risk. If you would invest 951.00 in Calamos Short Term Bond on September 2, 2024 and sell it today you would earn a total of 3.00 from holding Calamos Short Term Bond or generate 0.32% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Calamos Short Term Bond vs. Jpmorgan Short Intermediate Mu
Performance |
| Timeline |
| Calamos Short Term |
| Jpmorgan Short-intermedia |
Calamos Short-term and Jpmorgan Short-intermedia Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calamos Short-term and Jpmorgan Short-intermedia
The main advantage of trading using opposite Calamos Short-term and Jpmorgan Short-intermedia positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Short-term position performs unexpectedly, Jpmorgan Short-intermedia 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 Short-intermedia will offset losses from the drop in Jpmorgan Short-intermedia's long position.| Calamos Short-term vs. Lord Abbett Small | Calamos Short-term vs. Heartland Value Plus | Calamos Short-term vs. Mid Cap Value Profund | Calamos Short-term vs. Vanguard Small Cap Value |
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 Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
Other Complementary Tools
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas | |
| Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio | |
| Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities | |
| Portfolio Backtesting Avoid under-diversification and over-optimization by backtesting your portfolios | |
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories |