Correlation Between John Hancock and Calamos Convertible
Can any of the company-specific risk be diversified away by investing in both John Hancock and Calamos Convertible 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 John Hancock and Calamos Convertible into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between John Hancock Tax Advantaged and Calamos Convertible Opportunities, you can compare the effects of market volatilities on John Hancock and Calamos Convertible 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 John Hancock with a short position of Calamos Convertible. Check out your portfolio center. Please also check ongoing floating volatility patterns of John Hancock and Calamos Convertible.
Diversification Opportunities for John Hancock and Calamos Convertible
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between John and Calamos is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding John Hancock Tax Advantaged and Calamos Convertible Opportunit in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calamos Convertible and John Hancock 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 John Hancock Tax Advantaged are associated (or correlated) with Calamos Convertible. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Calamos Convertible has no effect on the direction of John Hancock i.e., John Hancock and Calamos Convertible go up and down completely randomly.
Pair Corralation between John Hancock and Calamos Convertible
If you would invest (100.00) in John Hancock Tax Advantaged on November 9, 2024 and sell it today you would earn a total of 100.00 from holding John Hancock Tax Advantaged or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
John Hancock Tax Advantaged vs. Calamos Convertible Opportunit
Performance |
| Timeline |
| John Hancock Tax |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
| Calamos Convertible |
John Hancock and Calamos Convertible Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with John Hancock and Calamos Convertible
The main advantage of trading using opposite John Hancock and Calamos Convertible positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if John Hancock position performs unexpectedly, Calamos Convertible 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 Calamos Convertible will offset losses from the drop in Calamos Convertible's long position.| John Hancock vs. Virtus Global Multi | John Hancock vs. Brandywineglobal Globalome Opportunities | John Hancock vs. RiverNorth Specialty Finance | John Hancock vs. Western Asset Mortgage |
| Calamos Convertible vs. Calamos Dynamic Convertible | Calamos Convertible vs. Calamos Global Dynamic | Calamos Convertible vs. Calamos Strategic Total | Calamos Convertible vs. Calamos LongShort Equity |
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 Stocks Directory module to find actively traded stocks across global markets.
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