Correlation Between Eagle Capital and Carillon Scout
Can any of the company-specific risk be diversified away by investing in both Eagle Capital and Carillon Scout 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 Eagle Capital and Carillon Scout into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Eagle Capital Appreciation and Carillon Scout Mid, you can compare the effects of market volatilities on Eagle Capital and Carillon Scout 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 Eagle Capital with a short position of Carillon Scout. Check out your portfolio center. Please also check ongoing floating volatility patterns of Eagle Capital and Carillon Scout.
Diversification Opportunities for Eagle Capital and Carillon Scout
0.93 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Eagle and Carillon is 0.93. Overlapping area represents the amount of risk that can be diversified away by holding Eagle Capital Appreciation and Carillon Scout Mid in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Carillon Scout Mid and Eagle Capital 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 Eagle Capital Appreciation are associated (or correlated) with Carillon Scout. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Carillon Scout Mid has no effect on the direction of Eagle Capital i.e., Eagle Capital and Carillon Scout go up and down completely randomly.
Pair Corralation between Eagle Capital and Carillon Scout
Assuming the 90 days horizon Eagle Capital Appreciation is expected to under-perform the Carillon Scout. In addition to that, Eagle Capital is 1.27 times more volatile than Carillon Scout Mid. It trades about -0.08 of its total potential returns per unit of risk. Carillon Scout Mid is currently generating about -0.1 per unit of volatility. If you would invest 2,332 in Carillon Scout Mid on November 23, 2024 and sell it today you would lose (52.00) from holding Carillon Scout Mid or give up 2.23% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Strong |
Accuracy | 100.0% |
Values | Daily Returns |
Eagle Capital Appreciation vs. Carillon Scout Mid
Performance |
Timeline |
Eagle Capital Apprec |
Carillon Scout Mid |
Eagle Capital and Carillon Scout Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Eagle Capital and Carillon Scout
The main advantage of trading using opposite Eagle Capital and Carillon Scout positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Eagle Capital position performs unexpectedly, Carillon Scout 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 Carillon Scout will offset losses from the drop in Carillon Scout's long position.Eagle Capital vs. Lord Abbett Vertible | ||
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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 Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
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