Correlation Between Eaton Vance and NISOURCE
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By analyzing existing cross correlation between Eaton Vance Enhanced and NISOURCE INC, you can compare the effects of market volatilities on Eaton Vance and NISOURCE 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 NISOURCE. Check out your portfolio center. Please also check ongoing floating volatility patterns of Eaton Vance and NISOURCE.
Diversification Opportunities for Eaton Vance and NISOURCE
-0.76 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Eaton and NISOURCE is -0.76. Overlapping area represents the amount of risk that can be diversified away by holding Eaton Vance Enhanced and NISOURCE INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NISOURCE 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 NISOURCE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NISOURCE INC has no effect on the direction of Eaton Vance i.e., Eaton Vance and NISOURCE go up and down completely randomly.
Pair Corralation between Eaton Vance and NISOURCE
Considering the 90-day investment horizon Eaton Vance Enhanced is expected to generate 1.05 times more return on investment than NISOURCE. However, Eaton Vance is 1.05 times more volatile than NISOURCE INC. It trades about 0.1 of its potential returns per unit of risk. NISOURCE INC is currently generating about -0.01 per unit of risk. If you would invest 1,445 in Eaton Vance Enhanced on September 3, 2024 and sell it today you would earn a total of 904.00 from holding Eaton Vance Enhanced or generate 62.56% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 82.63% |
| Values | Daily Returns |
Eaton Vance Enhanced vs. NISOURCE INC
Performance |
| Timeline |
| Eaton Vance Enhanced |
| NISOURCE INC |
Eaton Vance and NISOURCE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Eaton Vance and NISOURCE
The main advantage of trading using opposite Eaton Vance and NISOURCE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Eaton Vance position performs unexpectedly, NISOURCE 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 NISOURCE will offset losses from the drop in NISOURCE'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 |
| NISOURCE vs. Merit Medical Systems | NISOURCE vs. NextNav Warrant | NISOURCE vs. Franklin Credit Management | NISOURCE vs. Asure Software |
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 Portfolio Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
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