Correlation Between Calamos Dynamic and Jpmorgan Smartretirement

Can any of the company-specific risk be diversified away by investing in both Calamos Dynamic and Jpmorgan Smartretirement 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 Dynamic and Jpmorgan Smartretirement into the same portfolio, which is an essential part of the fundamental portfolio management process.

By analyzing existing cross correlation between Calamos Dynamic Convertible and Jpmorgan Smartretirement 2030, you can compare the effects of market volatilities on Calamos Dynamic and Jpmorgan Smartretirement 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 Dynamic with a short position of Jpmorgan Smartretirement. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calamos Dynamic and Jpmorgan Smartretirement.

Diversification Opportunities for Calamos Dynamic and Jpmorgan Smartretirement

-0.18

Correlation Coefficient

Calamos Dynamic  Jpmorgan Smartretirement

Good diversification

The 3 months correlation between Calamos and Jpmorgan is -0.18. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Dynamic Convertible and Jpmorgan Smartretirement 2030 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jpmorgan Smartretirement and Calamos Dynamic 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 Dynamic Convertible are associated (or correlated) with Jpmorgan Smartretirement. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jpmorgan Smartretirement has no effect on the direction of Calamos Dynamic i.e., Calamos Dynamic and Jpmorgan Smartretirement go up and down completely randomly.

Pair Corralation between Calamos Dynamic and Jpmorgan Smartretirement

Considering the 90-day investment horizon Calamos Dynamic Convertible is expected to under-perform the Jpmorgan Smartretirement. In addition to that, Calamos Dynamic is 1.86 times more volatile than Jpmorgan Smartretirement 2030. It trades about -0.12 of its total potential returns per unit of risk. Jpmorgan Smartretirement 2030 is currently generating about 0.21 per unit of volatility. If you would invest  1,891  in Jpmorgan Smartretirement 2030 on May 14, 2025 and sell it today you would earn a total of  99.00  from holding Jpmorgan Smartretirement 2030 or generate 5.24% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Moves Against
Strength	Insignificant
Accuracy	100.0%
Values	Daily Returns

Calamos Dynamic Convertible  vs.  Jpmorgan Smartretirement 2030

Calamos Dynamic Conv

Risk-Adjusted Performance

Weakest

Over the last 90 days Calamos Dynamic Convertible has generated negative risk-adjusted returns adding no value to fund investors. In spite of rather sound fundamental indicators, Calamos Dynamic is not utilizing all of its potentials. The current stock price tumult, may contribute to shorter-term losses for the shareholders.

Jpmorgan Smartretirement

Risk-Adjusted Performance

Solid

Compared to the overall equity markets, risk-adjusted returns on investments in Jpmorgan Smartretirement 2030 are ranked lower than 16 (%) of all funds and portfolios of funds over the last 90 days. In spite of fairly strong basic indicators, Jpmorgan Smartretirement is not utilizing all of its potentials. The current stock price disturbance, may contribute to short-term losses for the investors.

Pair Trading with Calamos Dynamic and Jpmorgan Smartretirement

The main advantage of trading using opposite Calamos Dynamic and Jpmorgan Smartretirement positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calamos Dynamic position performs unexpectedly, Jpmorgan Smartretirement 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 Jpmorgan Smartretirement will offset losses from the drop in Jpmorgan Smartretirement's long position.

The idea behind Calamos Dynamic Convertible and Jpmorgan Smartretirement 2030 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.

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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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.