Correlation Between Eaton Vance and Baillie Gifford
Can any of the company-specific risk be diversified away by investing in both Eaton Vance and Baillie Gifford 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 Eaton Vance and Baillie Gifford into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Eaton Vance Income and Baillie Gifford Health, you can compare the effects of market volatilities on Eaton Vance and Baillie Gifford 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 Eaton Vance with a short position of Baillie Gifford. Check out your portfolio center. Please also check ongoing floating volatility patterns of Eaton Vance and Baillie Gifford.
Diversification Opportunities for Eaton Vance and Baillie Gifford
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Eaton and Baillie is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Eaton Vance Income and Baillie Gifford Health in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Baillie Gifford Health and Eaton Vance 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 Eaton Vance Income are associated (or correlated) with Baillie Gifford. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Baillie Gifford Health has no effect on the direction of Eaton Vance i.e., Eaton Vance and Baillie Gifford go up and down completely randomly.
Pair Corralation between Eaton Vance and Baillie Gifford
If you would invest 573.00 in Baillie Gifford Health on January 13, 2025 and sell it today you would earn a total of 0.00 from holding Baillie Gifford Health or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 68.18% |
| Values | Daily Returns |
Eaton Vance Income vs. Baillie Gifford Health
Performance |
| Timeline |
| Eaton Vance Income |
| Baillie Gifford Health |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
Eaton Vance and Baillie Gifford Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Eaton Vance and Baillie Gifford
The main advantage of trading using opposite Eaton Vance and Baillie Gifford positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Eaton Vance position performs unexpectedly, Baillie Gifford 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 Baillie Gifford will offset losses from the drop in Baillie Gifford's long position.| Eaton Vance vs. Eaton Vance Msschsts | Eaton Vance vs. Eaton Vance Municipal | Eaton Vance vs. Eaton Vance Municipal | Eaton Vance vs. Eaton Vance Municipal |
| Baillie Gifford vs. Prudential Emerging Markets | Baillie Gifford vs. Touchstone Sands Capital | Baillie Gifford vs. Inverse Nasdaq 100 Strategy | Baillie Gifford vs. Doubleline Emerging Markets |
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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.
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