Correlation Between Eventide Multi-asset and Payson Total

Can any of the company-specific risk be diversified away by investing in both Eventide Multi-asset and Payson Total 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 Eventide Multi-asset and Payson Total into the same portfolio, which is an essential part of the fundamental portfolio management process.

By analyzing existing cross correlation between Eventide Multi Asset Income and Payson Total Return, you can compare the effects of market volatilities on Eventide Multi-asset and Payson Total 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 Eventide Multi-asset with a short position of Payson Total. Check out your portfolio center. Please also check ongoing floating volatility patterns of Eventide Multi-asset and Payson Total.

Diversification Opportunities for Eventide Multi-asset and Payson Total

0.59

Correlation Coefficient

Eventide Multi-asset  Payson Total

Very weak diversification

The 3 months correlation between Eventide and Payson is 0.59. Overlapping area represents the amount of risk that can be diversified away by holding Eventide Multi Asset Income and Payson Total Return in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Payson Total Return and Eventide Multi-asset 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 Eventide Multi Asset Income are associated (or correlated) with Payson Total. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Payson Total Return has no effect on the direction of Eventide Multi-asset i.e., Eventide Multi-asset and Payson Total go up and down completely randomly.

Pair Corralation between Eventide Multi-asset and Payson Total

Assuming the 90 days horizon Eventide Multi-asset is expected to generate 67.0 times less return on investment than Payson Total. But when comparing it to its historical volatility, Eventide Multi Asset Income is 2.18 times less risky than Payson Total. It trades about 0.0 of its potential returns per unit of risk. Payson Total Return is currently generating about 0.14 of returns per unit of risk over similar time horizon. If you would invest  3,455  in Payson Total Return on August 21, 2025 and sell it today you would earn a total of  279.00  from holding Payson Total Return or generate 8.08% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Moves Together
Strength	Weak
Accuracy	100.0%
Values	Daily Returns

Eventide Multi Asset Income  vs.  Payson Total Return

Eventide Multi Asset

Risk-Adjusted Performance

Weakest

Over the last 90 days Eventide Multi Asset Income has generated negative risk-adjusted returns adding no value to fund investors. In spite of fairly strong primary indicators, Eventide Multi-asset is not utilizing all of its potentials. The current stock price disturbance, may contribute to short-term losses for the investors.

Payson Total Return

Risk-Adjusted Performance

Good

Compared to the overall equity markets, risk-adjusted returns on investments in Payson Total Return are ranked lower than 11 (%) of all funds and portfolios of funds over the last 90 days. In spite of fairly weak fundamental indicators, Payson Total may actually be approaching a critical reversion point that can send shares even higher in December 2025.

Pair Trading with Eventide Multi-asset and Payson Total

The main advantage of trading using opposite Eventide Multi-asset and Payson Total positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Eventide Multi-asset position performs unexpectedly, Payson Total 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 Payson Total will offset losses from the drop in Payson Total's long position.

The idea behind Eventide Multi Asset Income and Payson Total Return 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 CEOs Directory module to screen CEOs from public companies around the world.