Correlation Between Eaton Vance and PACIFIC
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By analyzing existing cross correlation between Eaton Vance Enhanced and PACIFIC GAS ELECTRIC, you can compare the effects of market volatilities on Eaton Vance and PACIFIC 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 PACIFIC. Check out your portfolio center. Please also check ongoing floating volatility patterns of Eaton Vance and PACIFIC.
Diversification Opportunities for Eaton Vance and PACIFIC
-0.7 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Eaton and PACIFIC is -0.7. Overlapping area represents the amount of risk that can be diversified away by holding Eaton Vance Enhanced and PACIFIC GAS ELECTRIC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PACIFIC GAS ELECTRIC 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 PACIFIC. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PACIFIC GAS ELECTRIC has no effect on the direction of Eaton Vance i.e., Eaton Vance and PACIFIC go up and down completely randomly.
Pair Corralation between Eaton Vance and PACIFIC
Considering the 90-day investment horizon Eaton Vance Enhanced is expected to generate 0.54 times more return on investment than PACIFIC. However, Eaton Vance Enhanced is 1.84 times less risky than PACIFIC. It trades about 0.52 of its potential returns per unit of risk. PACIFIC GAS ELECTRIC is currently generating about -0.08 per unit of risk. If you would invest 2,192 in Eaton Vance Enhanced on September 4, 2024 and sell it today you would earn a total of 167.00 from holding Eaton Vance Enhanced or generate 7.62% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 95.24% |
| Values | Daily Returns |
Eaton Vance Enhanced vs. PACIFIC GAS ELECTRIC
Performance |
| Timeline |
| Eaton Vance Enhanced |
| PACIFIC GAS ELECTRIC |
Eaton Vance and PACIFIC Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Eaton Vance and PACIFIC
The main advantage of trading using opposite Eaton Vance and PACIFIC positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Eaton Vance position performs unexpectedly, PACIFIC 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 PACIFIC will offset losses from the drop in PACIFIC'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 |
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 Dashboard module to portfolio dashboard that provides centralized access to all your investments.
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