Correlation Between Intel and Eaton Vance
Can any of the company-specific risk be diversified away by investing in both Intel and Eaton Vance 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 Intel and Eaton Vance into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Intel and Eaton Vance Senior, you can compare the effects of market volatilities on Intel and Eaton Vance 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 Intel with a short position of Eaton Vance. Check out your portfolio center. Please also check ongoing floating volatility patterns of Intel and Eaton Vance.
Diversification Opportunities for Intel and Eaton Vance
0.03 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Intel and Eaton is 0.03. Overlapping area represents the amount of risk that can be diversified away by holding Intel and Eaton Vance Senior in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Eaton Vance Senior and Intel 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 Intel are associated (or correlated) with Eaton Vance. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Eaton Vance Senior has no effect on the direction of Intel i.e., Intel and Eaton Vance go up and down completely randomly.
Pair Corralation between Intel and Eaton Vance
Given the investment horizon of 90 days Intel is expected to generate 15.58 times more return on investment than Eaton Vance. However, Intel is 15.58 times more volatile than Eaton Vance Senior. It trades about 0.21 of its potential returns per unit of risk. Eaton Vance Senior is currently generating about -0.33 per unit of risk. If you would invest 1,943 in Intel on December 2, 2024 and sell it today you would earn a total of 430.00 from holding Intel or generate 22.13% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Intel vs. Eaton Vance Senior
Performance |
| Timeline |
| Intel |
| Eaton Vance Senior |
Intel and Eaton Vance Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Intel and Eaton Vance
The main advantage of trading using opposite Intel and Eaton Vance positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Intel position performs unexpectedly, Eaton Vance 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 Eaton Vance will offset losses from the drop in Eaton Vance's long position.| Intel vs. NVIDIA | ||
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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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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