Correlation Between Calamos Opportunistic and Janus Growth

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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 Period3 Months [change]
DirectionMoves Together 
StrengthVery Strong
Accuracy99.8%
ValuesDaily Returns

CALAMOS OPPORTUNISTIC VALUE  vs.  JANUS GROWTH AND

 Performance 
       Timeline  
Calamos Opportunistic 

Risk-Adjusted Performance

19 of 100

 
Low
 
High
Solid
Compared to the overall equity markets, risk-adjusted returns on investments in Calamos Opportunistic Value are ranked lower than 19 (%) of all funds and portfolios of funds over the last 90 days. In spite of fairly weak basic indicators, Calamos Opportunistic may actually be approaching a critical reversion point that can send shares even higher in April 2024.
Janus Growth And 

Risk-Adjusted Performance

14 of 100

 
Low
 
High
Good
Compared to the overall equity markets, risk-adjusted returns on investments in Janus Growth And are ranked lower than 14 (%) of all funds and portfolios of funds over the last 90 days. In spite of fairly weak fundamental indicators, Janus Growth may actually be approaching a critical reversion point that can send shares even higher in April 2024.

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.
The idea behind Calamos Opportunistic Value and Janus Growth And pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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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