Correlation Between Bank of New York and Eaton Vance
Can any of the company-specific risk be diversified away by investing in both Bank of New York 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 Bank of New York and Eaton Vance into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Bank of New and Eaton Vance New, you can compare the effects of market volatilities on Bank of New York 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 Bank of New York with a short position of Eaton Vance. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bank of New York and Eaton Vance.
Diversification Opportunities for Bank of New York and Eaton Vance
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Bank and Eaton is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Bank of New and Eaton Vance New in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Eaton Vance New and Bank of New York 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 Bank of New 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 New has no effect on the direction of Bank of New York i.e., Bank of New York and Eaton Vance go up and down completely randomly.
Pair Corralation between Bank of New York and Eaton Vance
If you would invest 7,651 in Bank of New on August 27, 2024 and sell it today you would earn a total of 363.00 from holding Bank of New or generate 4.74% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Bank of New vs. Eaton Vance New
Performance |
| Timeline |
| Bank of New York |
| Eaton Vance New |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Bank of New York and Eaton Vance Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bank of New York and Eaton Vance
The main advantage of trading using opposite Bank of New York and Eaton Vance positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bank of New York 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.| Bank of New York vs. Northern Trust | Bank of New York vs. Invesco Plc | Bank of New York vs. Franklin Resources | Bank of New York vs. T Rowe Price |
| Eaton Vance vs. Nuveen Municipalome | Eaton Vance vs. Platinum Asia Investments | Eaton Vance vs. Eaton Vance New | Eaton Vance vs. Nuveen New York |
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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
Other Complementary Tools
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories | |
| Odds Of Bankruptcy Get analysis of equity chance of financial distress in the next 2 years | |
| Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities | |
| Watchlist Optimization Optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm | |
| Portfolio Volatility Check portfolio volatility and analyze historical return density to properly model market risk |