Correlation Between Jhancock Diversified and Calamos Global
Can any of the company-specific risk be diversified away by investing in both Jhancock Diversified and Calamos Global 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 Jhancock Diversified and Calamos Global into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Jhancock Diversified Macro and Calamos Global Equity, you can compare the effects of market volatilities on Jhancock Diversified and Calamos Global 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 Jhancock Diversified with a short position of Calamos Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jhancock Diversified and Calamos Global.
Diversification Opportunities for Jhancock Diversified and Calamos Global
0.15 | Correlation Coefficient |
Average diversification
The 3 months correlation between Jhancock and Calamos is 0.15. Overlapping area represents the amount of risk that can be diversified away by holding Jhancock Diversified Macro and Calamos Global Equity in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calamos Global Equity and Jhancock Diversified 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 Jhancock Diversified Macro are associated (or correlated) with Calamos Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Calamos Global Equity has no effect on the direction of Jhancock Diversified i.e., Jhancock Diversified and Calamos Global go up and down completely randomly.
Pair Corralation between Jhancock Diversified and Calamos Global
Assuming the 90 days horizon Jhancock Diversified Macro is expected to under-perform the Calamos Global. But the mutual fund apears to be less risky and, when comparing its historical volatility, Jhancock Diversified Macro is 1.44 times less risky than Calamos Global. The mutual fund trades about -0.09 of its potential returns per unit of risk. The Calamos Global Equity is currently generating about 0.09 of returns per unit of risk over similar time horizon. If you would invest 1,898 in Calamos Global Equity on August 29, 2024 and sell it today you would earn a total of 51.00 from holding Calamos Global Equity or generate 2.69% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jhancock Diversified Macro vs. Calamos Global Equity
Performance |
| Timeline |
| Jhancock Diversified |
| Calamos Global Equity |
Jhancock Diversified and Calamos Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jhancock Diversified and Calamos Global
The main advantage of trading using opposite Jhancock Diversified and Calamos Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jhancock Diversified position performs unexpectedly, Calamos Global 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 Global will offset losses from the drop in Calamos Global's long position.| Jhancock Diversified vs. Pace High Yield | Jhancock Diversified vs. Lgm Risk Managed | Jhancock Diversified vs. Multimanager Lifestyle Aggressive | Jhancock Diversified vs. Artisan High Income |
| Calamos Global vs. Conservative Balanced Allocation | Calamos Global vs. Pimco Diversified Income | Calamos Global vs. Huber Capital Diversified | Calamos Global vs. Jhancock Diversified Macro |
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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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