Correlation Between Janus Contrarian and Calamos Dynamic
Can any of the company-specific risk be diversified away by investing in both Janus Contrarian and Calamos Dynamic 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 Contrarian and Calamos Dynamic into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Janus Trarian Fund and Calamos Dynamic Convertible, you can compare the effects of market volatilities on Janus Contrarian and Calamos Dynamic 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 Contrarian with a short position of Calamos Dynamic. Check out your portfolio center. Please also check ongoing floating volatility patterns of Janus Contrarian and Calamos Dynamic.
Diversification Opportunities for Janus Contrarian and Calamos Dynamic
0.87 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Janus and Calamos is 0.87. Overlapping area represents the amount of risk that can be diversified away by holding Janus Trarian Fund and Calamos Dynamic Convertible in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calamos Dynamic Conv and Janus Contrarian 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 Trarian Fund are associated (or correlated) with Calamos Dynamic. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Calamos Dynamic Conv has no effect on the direction of Janus Contrarian i.e., Janus Contrarian and Calamos Dynamic go up and down completely randomly.
Pair Corralation between Janus Contrarian and Calamos Dynamic
Assuming the 90 days horizon Janus Trarian Fund is expected to generate 1.28 times more return on investment than Calamos Dynamic. However, Janus Contrarian is 1.28 times more volatile than Calamos Dynamic Convertible. It trades about -0.05 of its potential returns per unit of risk. Calamos Dynamic Convertible is currently generating about -0.18 per unit of risk. If you would invest 2,770 in Janus Trarian Fund on December 28, 2024 and sell it today you would lose (126.00) from holding Janus Trarian Fund or give up 4.55% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Strong |
Accuracy | 100.0% |
Values | Daily Returns |
Janus Trarian Fund vs. Calamos Dynamic Convertible
Performance |
Timeline |
Janus Contrarian |
Calamos Dynamic Conv |
Janus Contrarian and Calamos Dynamic Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Janus Contrarian and Calamos Dynamic
The main advantage of trading using opposite Janus Contrarian and Calamos Dynamic positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Janus Contrarian position performs unexpectedly, Calamos Dynamic 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 Dynamic will offset losses from the drop in Calamos Dynamic's long position.Janus Contrarian vs. Morgan Stanley Government | Janus Contrarian vs. Bbh Intermediate Municipal | Janus Contrarian vs. Goldman Sachs Short | Janus Contrarian vs. Us Government Securities |
Calamos Dynamic vs. Calamos Convertible Opportunities | Calamos Dynamic vs. Calamos Global Dynamic | Calamos Dynamic vs. Calamos Strategic Total | Calamos Dynamic 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 Portfolio File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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