Correlation Between Apollo Tactical and Eaton Vance
Can any of the company-specific risk be diversified away by investing in both Apollo Tactical and Eaton Vance 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 Apollo Tactical and Eaton Vance into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Apollo Tactical Income and Eaton Vance National, you can compare the effects of market volatilities on Apollo Tactical and Eaton Vance 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 Apollo Tactical with a short position of Eaton Vance. Check out your portfolio center. Please also check ongoing floating volatility patterns of Apollo Tactical and Eaton Vance.
Diversification Opportunities for Apollo Tactical and Eaton Vance
0.07 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Apollo and Eaton is 0.07. Overlapping area represents the amount of risk that can be diversified away by holding Apollo Tactical Income and Eaton Vance National in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Eaton Vance National and Apollo Tactical 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 Apollo Tactical Income are associated (or correlated) with Eaton Vance. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Eaton Vance National has no effect on the direction of Apollo Tactical i.e., Apollo Tactical and Eaton Vance go up and down completely randomly.
Pair Corralation between Apollo Tactical and Eaton Vance
If you would invest 1,482 in Apollo Tactical Income on August 25, 2024 and sell it today you would earn a total of 0.00 from holding Apollo Tactical Income or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 4.55% |
| Values | Daily Returns |
Apollo Tactical Income vs. Eaton Vance National
Performance |
| Timeline |
| Apollo Tactical Income |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Eaton Vance National |
Apollo Tactical and Eaton Vance Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Apollo Tactical and Eaton Vance
The main advantage of trading using opposite Apollo Tactical and Eaton Vance positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Apollo Tactical position performs unexpectedly, Eaton Vance 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 Eaton Vance will offset losses from the drop in Eaton Vance's long position.| Apollo Tactical vs. Abrdn Emerging Markets | Apollo Tactical vs. Aberdeen Global Dynamic | Apollo Tactical vs. Bny Mellon Municipalome | Apollo Tactical vs. Nuveen Arizona Quality |
| Eaton Vance vs. Invesco High Income | Eaton Vance vs. Blackrock Muniholdings Ny | Eaton Vance vs. Nuveen California Select | Eaton Vance vs. MFS Investment Grade |
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 CEOs Directory module to screen CEOs from public companies around the world.
Other Complementary Tools
| Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes | |
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope | |
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories | |
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets |