Correlation Between Hanesbrands and BankInvest Emerging
Specify exactly 2 symbols:
By analyzing existing cross correlation between Hanesbrands and BankInvest Emerging, you can compare the effects of market volatilities on Hanesbrands and BankInvest Emerging 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 Hanesbrands with a short position of BankInvest Emerging. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hanesbrands and BankInvest Emerging.
Diversification Opportunities for Hanesbrands and BankInvest Emerging
0.55 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Hanesbrands and BankInvest is 0.55. Overlapping area represents the amount of risk that can be diversified away by holding Hanesbrands and BankInvest Emerging in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BankInvest Emerging and Hanesbrands 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 Hanesbrands are associated (or correlated) with BankInvest Emerging. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BankInvest Emerging has no effect on the direction of Hanesbrands i.e., Hanesbrands and BankInvest Emerging go up and down completely randomly.
Pair Corralation between Hanesbrands and BankInvest Emerging
Considering the 90-day investment horizon Hanesbrands is expected to generate 7.01 times more return on investment than BankInvest Emerging. However, Hanesbrands is 7.01 times more volatile than BankInvest Emerging. It trades about 0.17 of its potential returns per unit of risk. BankInvest Emerging is currently generating about 0.09 per unit of risk. If you would invest 536.00 in Hanesbrands on September 5, 2024 and sell it today you would earn a total of 331.00 from holding Hanesbrands or generate 61.75% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 97.7% |
| Values | Daily Returns |
Hanesbrands vs. BankInvest Emerging
Performance |
| Timeline |
| Hanesbrands |
| BankInvest Emerging |
Hanesbrands and BankInvest Emerging Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hanesbrands and BankInvest Emerging
The main advantage of trading using opposite Hanesbrands and BankInvest Emerging positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hanesbrands position performs unexpectedly, BankInvest Emerging 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 BankInvest Emerging will offset losses from the drop in BankInvest Emerging's long position.| Hanesbrands vs. Ralph Lauren Corp | Hanesbrands vs. Levi Strauss Co | Hanesbrands vs. Under Armour C | Hanesbrands vs. PVH Corp |
| BankInvest Emerging vs. BankInvest Lange Danske | BankInvest Emerging vs. BankInvest Hjt | BankInvest Emerging vs. BankInvest Danske | BankInvest Emerging vs. BankInvest Virksomhedsobligationer |
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 Global Correlations module to find global opportunities by holding instruments from different markets.
Other Complementary Tools
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum | |
| Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets | |
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
| Odds Of Bankruptcy Get analysis of equity chance of financial distress in the next 2 years | |
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges |