Correlation Between Eaton Vance and ENTERGY
Specify exactly 2 symbols:
By analyzing existing cross correlation between Eaton Vance Enhanced and ENTERGY MISS INC, you can compare the effects of market volatilities on Eaton Vance and ENTERGY 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 ENTERGY. Check out your portfolio center. Please also check ongoing floating volatility patterns of Eaton Vance and ENTERGY.
Diversification Opportunities for Eaton Vance and ENTERGY
-0.6 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Eaton and ENTERGY is -0.6. Overlapping area represents the amount of risk that can be diversified away by holding Eaton Vance Enhanced and ENTERGY MISS INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ENTERGY MISS INC 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 Enhanced are associated (or correlated) with ENTERGY. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ENTERGY MISS INC has no effect on the direction of Eaton Vance i.e., Eaton Vance and ENTERGY go up and down completely randomly.
Pair Corralation between Eaton Vance and ENTERGY
Considering the 90-day investment horizon Eaton Vance Enhanced is expected to generate 1.26 times more return on investment than ENTERGY. However, Eaton Vance is 1.26 times more volatile than ENTERGY MISS INC. It trades about 0.1 of its potential returns per unit of risk. ENTERGY MISS INC is currently generating about 0.01 per unit of risk. If you would invest 1,436 in Eaton Vance Enhanced on September 2, 2024 and sell it today you would earn a total of 913.00 from holding Eaton Vance Enhanced or generate 63.58% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 82.06% |
| Values | Daily Returns |
Eaton Vance Enhanced vs. ENTERGY MISS INC
Performance |
| Timeline |
| Eaton Vance Enhanced |
| ENTERGY MISS INC |
Eaton Vance and ENTERGY Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Eaton Vance and ENTERGY
The main advantage of trading using opposite Eaton Vance and ENTERGY positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Eaton Vance position performs unexpectedly, ENTERGY 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 ENTERGY will offset losses from the drop in ENTERGY's long position.| Eaton Vance vs. Columbia Seligman Premium | Eaton Vance vs. BlackRock Utility Infrastructure | Eaton Vance vs. BlackRock Health Sciences | Eaton Vance vs. BlackRock Science Tech |
| ENTERGY vs. Oatly Group AB | ENTERGY vs. Simpson Manufacturing | ENTERGY vs. Jacobs Solutions | ENTERGY vs. Dream Finders Homes |
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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
Other Complementary Tools
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities | |
| Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets | |
| Portfolio Optimization Compute new portfolio that will generate highest expected return given your specified tolerance for risk | |
| AI Portfolio Architect Use AI to generate optimal portfolios and find profitable investment opportunities | |
| Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance |