Correlation Between Hanesbrands and OneAscent Core
Can any of the company-specific risk be diversified away by investing in both Hanesbrands and OneAscent Core 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 Hanesbrands and OneAscent Core into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Hanesbrands and OneAscent Core Plus, you can compare the effects of market volatilities on Hanesbrands and OneAscent Core 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 OneAscent Core. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hanesbrands and OneAscent Core.
Diversification Opportunities for Hanesbrands and OneAscent Core
-0.48 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Hanesbrands and OneAscent is -0.48. Overlapping area represents the amount of risk that can be diversified away by holding Hanesbrands and OneAscent Core Plus in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on OneAscent Core Plus 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 OneAscent Core. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of OneAscent Core Plus has no effect on the direction of Hanesbrands i.e., Hanesbrands and OneAscent Core go up and down completely randomly.
Pair Corralation between Hanesbrands and OneAscent Core
Considering the 90-day investment horizon Hanesbrands is expected to generate 10.01 times more return on investment than OneAscent Core. However, Hanesbrands is 10.01 times more volatile than OneAscent Core Plus. It trades about 0.06 of its potential returns per unit of risk. OneAscent Core Plus is currently generating about 0.06 per unit of risk. If you would invest 472.00 in Hanesbrands on September 12, 2024 and sell it today you would earn a total of 369.00 from holding Hanesbrands or generate 78.18% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hanesbrands vs. OneAscent Core Plus
Performance |
| Timeline |
| Hanesbrands |
| OneAscent Core Plus |
Hanesbrands and OneAscent Core Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hanesbrands and OneAscent Core
The main advantage of trading using opposite Hanesbrands and OneAscent Core positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hanesbrands position performs unexpectedly, OneAscent Core 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 OneAscent Core will offset losses from the drop in OneAscent Core's long position.| Hanesbrands vs. Ralph Lauren Corp | Hanesbrands vs. Levi Strauss Co | Hanesbrands vs. Under Armour C | Hanesbrands vs. PVH Corp |
| OneAscent Core vs. Listed Funds Trust | OneAscent Core vs. PGIM ETF Trust | OneAscent Core vs. SSGA Active Trust | OneAscent Core vs. JPMorgan Inflation Managed |
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 Optimization module to compute new portfolio that will generate highest expected return given your specified tolerance for risk.
Other Complementary Tools
| Share Portfolio Track or share privately all of your investments from the convenience of any device | |
| CEOs Directory Screen CEOs from public companies around the world | |
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope |