Correlation Between Elevation Series and Eaton Vance

Can any of the company-specific risk be diversified away by investing in both Elevation Series 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 Elevation Series and Eaton Vance into the same portfolio, which is an essential part of the fundamental portfolio management process.

By analyzing existing cross correlation between Elevation Series Trust and Eaton Vance Enhanced, you can compare the effects of market volatilities on Elevation Series 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 Elevation Series with a short position of Eaton Vance. Check out your portfolio center. Please also check ongoing floating volatility patterns of Elevation Series and Eaton Vance.

Diversification Opportunities for Elevation Series and Eaton Vance

0.93

Correlation Coefficient

Elevation Series  Eaton Vance

Almost no diversification

The 3 months correlation between Elevation and Eaton is 0.93. Overlapping area represents the amount of risk that can be diversified away by holding Elevation Series Trust and Eaton Vance Enhanced in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Eaton Vance Enhanced and Elevation Series 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 Elevation Series Trust 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 Enhanced has no effect on the direction of Elevation Series i.e., Elevation Series and Eaton Vance go up and down completely randomly.

Pair Corralation between Elevation Series and Eaton Vance

Given the investment horizon of 90 days Elevation Series is expected to generate 2.47 times less return on investment than Eaton Vance. In addition to that, Elevation Series is 1.69 times more volatile than Eaton Vance Enhanced. It trades about 0.04 of its total potential returns per unit of risk. Eaton Vance Enhanced is currently generating about 0.15 per unit of volatility. If you would invest  2,272  in Eaton Vance Enhanced on May 14, 2025 and sell it today you would earn a total of  150.00  from holding Eaton Vance Enhanced or generate 6.6% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Moves Together
Strength	Very Strong
Accuracy	98.39%
Values	Daily Returns

Elevation Series Trust  vs.  Eaton Vance Enhanced

Elevation Series Trust

Risk-Adjusted Performance

Weak

Compared to the overall equity markets, risk-adjusted returns on investments in Elevation Series Trust are ranked lower than 2 (%) of all global equities and portfolios over the last 90 days. In spite of fairly strong basic indicators, Elevation Series is not utilizing all of its potentials. The current stock price disturbance, may contribute to short-term losses for the investors.

Eaton Vance Enhanced

Risk-Adjusted Performance

Good

Compared to the overall equity markets, risk-adjusted returns on investments in Eaton Vance Enhanced are ranked lower than 11 (%) of all global equities and portfolios over the last 90 days. In spite of comparatively conflicting basic indicators, Eaton Vance may actually be approaching a critical reversion point that can send shares even higher in September 2025.

Pair Trading with Elevation Series and Eaton Vance

The main advantage of trading using opposite Elevation Series and Eaton Vance positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Elevation Series 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.

The idea behind Elevation Series Trust and Eaton Vance Enhanced pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.

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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 Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.