Correlation Between Johcm Emerging and Calamos High
Can any of the company-specific risk be diversified away by investing in both Johcm Emerging and Calamos High 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 Johcm Emerging and Calamos High into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Johcm Emerging Markets and Calamos High Income, you can compare the effects of market volatilities on Johcm Emerging and Calamos High 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 Johcm Emerging with a short position of Calamos High. Check out your portfolio center. Please also check ongoing floating volatility patterns of Johcm Emerging and Calamos High.
Diversification Opportunities for Johcm Emerging and Calamos High
-0.03 | Correlation Coefficient |
Good diversification
The 3 months correlation between Johcm and Calamos is -0.03. Overlapping area represents the amount of risk that can be diversified away by holding Johcm Emerging Markets and Calamos High Income in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calamos High Income and Johcm Emerging 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 Johcm Emerging Markets are associated (or correlated) with Calamos High. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Calamos High Income has no effect on the direction of Johcm Emerging i.e., Johcm Emerging and Calamos High go up and down completely randomly.
Pair Corralation between Johcm Emerging and Calamos High
Assuming the 90 days horizon Johcm Emerging Markets is expected to generate 4.71 times more return on investment than Calamos High. However, Johcm Emerging is 4.71 times more volatile than Calamos High Income. It trades about 0.2 of its potential returns per unit of risk. Calamos High Income is currently generating about 0.13 per unit of risk. If you would invest 1,132 in Johcm Emerging Markets on November 9, 2024 and sell it today you would earn a total of 44.00 from holding Johcm Emerging Markets or generate 3.89% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Johcm Emerging Markets vs. Calamos High Income
Performance |
| Timeline |
| Johcm Emerging Markets |
| Calamos High Income |
Johcm Emerging and Calamos High Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Johcm Emerging and Calamos High
The main advantage of trading using opposite Johcm Emerging and Calamos High positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Johcm Emerging position performs unexpectedly, Calamos High 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 High will offset losses from the drop in Calamos High's long position.| Johcm Emerging vs. Johcm International Select | Johcm Emerging vs. Ariel International Fund | Johcm Emerging vs. Amg River Road | Johcm Emerging vs. Pzena Emerging Markets |
| Calamos High vs. Vanguard Small Cap Value | Calamos High vs. Ab Small Cap | Calamos High vs. William Blair Small | Calamos High vs. American Century Etf |
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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
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