Correlation Between Calamos Opportunistic and Janus Growth
Can any of the company-specific risk be diversified away by investing in both Calamos Opportunistic and Janus 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 Calamos Opportunistic and Janus Growth into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Calamos Opportunistic Value and Janus Growth And, you can compare the effects of market volatilities on Calamos Opportunistic and Janus 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 Calamos Opportunistic with a short position of Janus Growth. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Opportunistic and Janus Growth.
Diversification Opportunities for Calamos Opportunistic and Janus Growth
0.99 | Correlation Coefficient |
No risk reduction
The 3 months correlation between Calamos and Janus is 0.99. Overlapping area represents the amount of risk that can be diversified away by holding CALAMOS OPPORTUNISTIC VALUE and JANUS GROWTH AND in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Janus Growth And and Calamos Opportunistic 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 Calamos Opportunistic Value are associated (or correlated) with Janus Growth. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Janus Growth And has no effect on the direction of Calamos Opportunistic i.e., Calamos Opportunistic and Janus Growth go up and down completely randomly.
Pair Corralation between Calamos Opportunistic and Janus Growth
Assuming the 90 days horizon Calamos Opportunistic Value is expected to generate 0.99 times more return on investment than Janus Growth. However, Calamos Opportunistic Value is 1.01 times less risky than Janus Growth. It trades about 0.04 of its potential returns per unit of risk. Janus Growth And is currently generating about 0.03 per unit of risk. If you would invest 1,658 in Calamos Opportunistic Value on December 30, 2023 and sell it today you would earn a total of 375.00 from holding Calamos Opportunistic Value or generate 22.62% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Strong |
Accuracy | 99.8% |
Values | Daily Returns |
CALAMOS OPPORTUNISTIC VALUE vs. JANUS GROWTH AND
Performance |
Timeline |
Calamos Opportunistic |
Janus Growth And |
Calamos Opportunistic and Janus Growth Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Calamos Opportunistic and Janus Growth
The main advantage of trading using opposite Calamos Opportunistic and Janus Growth positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Opportunistic position performs unexpectedly, Janus 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 Janus Growth will offset losses from the drop in Janus Growth's long position.Calamos Opportunistic vs. State Farm Growth | Calamos Opportunistic vs. Calamos Growth Fund | Calamos Opportunistic vs. Calamos Market Neutral | Calamos Opportunistic vs. Calamos Market Neutral |
Janus Growth vs. Vanguard 500 Index | Janus Growth vs. Vanguard Total Stock | Janus Growth vs. Vanguard Total Stock | Janus Growth vs. Vanguard Total Stock |
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 Dashboard module to portfolio dashboard that provides centralized access to all your investments.
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