Correlation Between Eagle Growth and Carillon Scout
Can any of the company-specific risk be diversified away by investing in both Eagle Growth 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 Growth 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 Growth Income and Carillon Scout Mid, you can compare the effects of market volatilities on Eagle Growth 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 Growth with a short position of Carillon Scout. Check out your portfolio center. Please also check ongoing floating volatility patterns of Eagle Growth and Carillon Scout.
Diversification Opportunities for Eagle Growth and Carillon Scout
0.55 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Eagle and Carillon is 0.55. Overlapping area represents the amount of risk that can be diversified away by holding Eagle Growth Income 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 Growth 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 Growth Income 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 Growth i.e., Eagle Growth and Carillon Scout go up and down completely randomly.
Pair Corralation between Eagle Growth and Carillon Scout
Assuming the 90 days horizon Eagle Growth Income is expected to generate 0.77 times more return on investment than Carillon Scout. However, Eagle Growth Income is 1.3 times less risky than Carillon Scout. It trades about 0.22 of its potential returns per unit of risk. Carillon Scout Mid is currently generating about 0.14 per unit of risk. If you would invest 1,909 in Eagle Growth Income on June 5, 2025 and sell it today you would earn a total of 148.00 from holding Eagle Growth Income or generate 7.75% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Eagle Growth Income vs. Carillon Scout Mid
Performance |
| Timeline |
| Eagle Growth Income |
| Carillon Scout Mid |
Risk-Adjusted Performance
Good
Weak | Strong |
Eagle Growth and Carillon Scout Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Eagle Growth and Carillon Scout
The main advantage of trading using opposite Eagle Growth and Carillon Scout positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Eagle Growth 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 Growth vs. Calvert High Yield | Eagle Growth vs. Siit High Yield | Eagle Growth vs. Prudential High Yield | Eagle Growth vs. Payden High Income |
| Carillon Scout vs. Qs Small Capitalization | Carillon Scout vs. Nova Fund Class | Carillon Scout vs. Nasdaq 100 Fund Class | Carillon Scout vs. Tax Managed Mid Small |
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 Rebalancing module to analyze risk-adjusted returns against different time horizons to find asset-allocation targets.
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