Correlation Between Jhancock Diversified and Calamos Evolving
Can any of the company-specific risk be diversified away by investing in both Jhancock Diversified and Calamos Evolving 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 Evolving 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 Evolving World, you can compare the effects of market volatilities on Jhancock Diversified and Calamos Evolving 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 Evolving. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jhancock Diversified and Calamos Evolving.
Diversification Opportunities for Jhancock Diversified and Calamos Evolving
0.35 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Jhancock and Calamos is 0.35. Overlapping area represents the amount of risk that can be diversified away by holding Jhancock Diversified Macro and Calamos Evolving World in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calamos Evolving World 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 Evolving. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Calamos Evolving World has no effect on the direction of Jhancock Diversified i.e., Jhancock Diversified and Calamos Evolving go up and down completely randomly.
Pair Corralation between Jhancock Diversified and Calamos Evolving
Assuming the 90 days horizon Jhancock Diversified Macro is expected to generate 0.66 times more return on investment than Calamos Evolving. However, Jhancock Diversified Macro is 1.52 times less risky than Calamos Evolving. It trades about 0.1 of its potential returns per unit of risk. Calamos Evolving World is currently generating about -0.18 per unit of risk. If you would invest 887.00 in Jhancock Diversified Macro on September 3, 2024 and sell it today you would earn a total of 9.00 from holding Jhancock Diversified Macro or generate 1.01% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jhancock Diversified Macro vs. Calamos Evolving World
Performance |
| Timeline |
| Jhancock Diversified |
| Calamos Evolving World |
Jhancock Diversified and Calamos Evolving Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jhancock Diversified and Calamos Evolving
The main advantage of trading using opposite Jhancock Diversified and Calamos Evolving positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jhancock Diversified position performs unexpectedly, Calamos Evolving 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 Evolving will offset losses from the drop in Calamos Evolving's long position.| Jhancock Diversified vs. Goldman Sachs Short | Jhancock Diversified vs. Angel Oak Ultrashort | Jhancock Diversified vs. Siit Ultra Short | Jhancock Diversified vs. Sterling Capital Short |
| Calamos Evolving vs. American Funds Conservative | Calamos Evolving vs. Aqr Diversified Arbitrage | Calamos Evolving vs. Adams Diversified Equity | Calamos Evolving 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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
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