Correlation Between Eaton Vance and Cohen Steers
Can any of the company-specific risk be diversified away by investing in both Eaton Vance and Cohen Steers 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 Cohen Steers into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Eaton Vance National and Cohen Steers Total, you can compare the effects of market volatilities on Eaton Vance and Cohen Steers 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 Cohen Steers. Check out your portfolio center. Please also check ongoing floating volatility patterns of Eaton Vance and Cohen Steers.
Diversification Opportunities for Eaton Vance and Cohen Steers
0.3 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Eaton and Cohen is 0.3. Overlapping area represents the amount of risk that can be diversified away by holding Eaton Vance National and Cohen Steers Total in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cohen Steers Total 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 National are associated (or correlated) with Cohen Steers. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cohen Steers Total has no effect on the direction of Eaton Vance i.e., Eaton Vance and Cohen Steers go up and down completely randomly.
Pair Corralation between Eaton Vance and Cohen Steers
Considering the 90-day investment horizon Eaton Vance is expected to generate 2.09 times less return on investment than Cohen Steers. But when comparing it to its historical volatility, Eaton Vance National is 2.39 times less risky than Cohen Steers. It trades about 0.1 of its potential returns per unit of risk. Cohen Steers Total is currently generating about 0.09 of returns per unit of risk over similar time horizon. If you would invest 1,113 in Cohen Steers Total on September 1, 2024 and sell it today you would earn a total of 203.00 from holding Cohen Steers Total or generate 18.24% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Eaton Vance National vs. Cohen Steers Total
Performance |
| Timeline |
| Eaton Vance National |
| Cohen Steers Total |
Eaton Vance and Cohen Steers Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Eaton Vance and Cohen Steers
The main advantage of trading using opposite Eaton Vance and Cohen Steers positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Eaton Vance position performs unexpectedly, Cohen Steers 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 Cohen Steers will offset losses from the drop in Cohen Steers' long position.| Eaton Vance vs. Visa Class A | Eaton Vance vs. Diamond Hill Investment | Eaton Vance vs. Distoken Acquisition | Eaton Vance vs. Associated Capital Group |
| Cohen Steers vs. Cohen Steers Reit | Cohen Steers vs. Cohen And Steers | Cohen Steers vs. Reaves Utility If | Cohen Steers 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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
Other Complementary Tools
| Commodity Directory Find actively traded commodities issued by global exchanges | |
| Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format | |
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities | |
| Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities | |
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites |