Correlation Between Calamos Convertible and John Hancock

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

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

Diversification Opportunities for Calamos Convertible and John Hancock

0.9

Correlation Coefficient

Calamos Convertible  John Hancock

Almost no diversification

The 3 months correlation between Calamos and John is 0.9. Overlapping area represents the amount of risk that can be diversified away by holding Calamos Convertible And and John Hancock Premium in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on John Hancock Premium and Calamos Convertible 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 Convertible And are associated (or correlated) with John Hancock. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of John Hancock Premium has no effect on the direction of Calamos Convertible i.e., Calamos Convertible and John Hancock go up and down completely randomly.

Pair Corralation between Calamos Convertible and John Hancock

Considering the 90-day investment horizon Calamos Convertible And is expected to generate 0.97 times more return on investment than John Hancock. However, Calamos Convertible And is 1.03 times less risky than John Hancock. It trades about 0.24 of its potential returns per unit of risk. John Hancock Premium is currently generating about 0.19 per unit of risk. If you would invest  990.00  in Calamos Convertible And on May 6, 2025 and sell it today you would earn a total of  92.00  from holding Calamos Convertible And or generate 9.29% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Moves Together
Strength	Very Strong
Accuracy	98.41%
Values	Daily Returns

Calamos Convertible And  vs.  John Hancock Premium

Calamos Convertible And

Risk-Adjusted Performance

Solid

Compared to the overall equity markets, risk-adjusted returns on investments in Calamos Convertible And are ranked lower than 18 (%) of all funds and portfolios of funds over the last 90 days. In spite of fairly inconsistent technical indicators, Calamos Convertible may actually be approaching a critical reversion point that can send shares even higher in September 2025.

John Hancock Premium

Risk-Adjusted Performance

Good

Compared to the overall equity markets, risk-adjusted returns on investments in John Hancock Premium are ranked lower than 14 (%) of all global equities and portfolios over the last 90 days. In spite of comparatively unsteady fundamental indicators, John Hancock may actually be approaching a critical reversion point that can send shares even higher in September 2025.

Pair Trading with Calamos Convertible and John Hancock

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

The idea behind Calamos Convertible And and John Hancock Premium 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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.