Correlation Between Janus Global and Calamos Growth
Can any of the company-specific risk be diversified away by investing in both Janus Global and Calamos Growth 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 Janus Global and Calamos Growth into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Janus Global Technology and Calamos Growth And, you can compare the effects of market volatilities on Janus Global and Calamos Growth 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 Janus Global with a short position of Calamos Growth. Check out your portfolio center. Please also check ongoing floating volatility patterns of Janus Global and Calamos Growth.
Diversification Opportunities for Janus Global and Calamos Growth
0.97 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between JANUS and Calamos is 0.97. Overlapping area represents the amount of risk that can be diversified away by holding Janus Global Technology and Calamos Growth And in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calamos Growth And and Janus 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 Janus Global Technology are associated (or correlated) with Calamos Growth. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Calamos Growth And has no effect on the direction of Janus Global i.e., Janus Global and Calamos Growth go up and down completely randomly.
Pair Corralation between Janus Global and Calamos Growth
Assuming the 90 days horizon Janus Global Technology is expected to generate 1.7 times more return on investment than Calamos Growth. However, Janus Global is 1.7 times more volatile than Calamos Growth And. It trades about 0.11 of its potential returns per unit of risk. Calamos Growth And is currently generating about 0.17 per unit of risk. If you would invest 6,814 in Janus Global Technology on August 29, 2024 and sell it today you would earn a total of 333.00 from holding Janus Global Technology or generate 4.89% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Janus Global Technology vs. Calamos Growth And
Performance |
| Timeline |
| Janus Global Technology |
| Calamos Growth And |
Janus Global and Calamos Growth Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Janus Global and Calamos Growth
The main advantage of trading using opposite Janus Global and Calamos Growth positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Janus Global position performs unexpectedly, Calamos Growth 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 Growth will offset losses from the drop in Calamos Growth's long position.| Janus Global vs. Red Oak Technology | Janus Global vs. Live Oak Health | Janus Global vs. HUMANA INC | Janus Global vs. Aquagold International |
| Calamos Growth vs. Janus Global Technology | Calamos Growth vs. Dreyfus Technology Growth | Calamos Growth vs. Allianzgi Technology Fund | Calamos Growth vs. Science Technology Fund |
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 Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
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