Correlation Between Hanesbrands and BNP Paribas
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By analyzing existing cross correlation between Hanesbrands and BNP Paribas Easy, you can compare the effects of market volatilities on Hanesbrands and BNP Paribas 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 BNP Paribas. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hanesbrands and BNP Paribas.
Diversification Opportunities for Hanesbrands and BNP Paribas
-0.46 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Hanesbrands and BNP is -0.46. Overlapping area represents the amount of risk that can be diversified away by holding Hanesbrands and BNP Paribas Easy in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BNP Paribas Easy 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 BNP Paribas. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BNP Paribas Easy has no effect on the direction of Hanesbrands i.e., Hanesbrands and BNP Paribas go up and down completely randomly.
Pair Corralation between Hanesbrands and BNP Paribas
Considering the 90-day investment horizon Hanesbrands is expected to generate 6.02 times more return on investment than BNP Paribas. However, Hanesbrands is 6.02 times more volatile than BNP Paribas Easy. It trades about 0.24 of its potential returns per unit of risk. BNP Paribas Easy is currently generating about 0.06 per unit of risk. If you would invest 712.00 in Hanesbrands on September 3, 2024 and sell it today you would earn a total of 158.00 from holding Hanesbrands or generate 22.19% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 95.24% |
| Values | Daily Returns |
Hanesbrands vs. BNP Paribas Easy
Performance |
| Timeline |
| Hanesbrands |
| BNP Paribas Easy |
Hanesbrands and BNP Paribas Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hanesbrands and BNP Paribas
The main advantage of trading using opposite Hanesbrands and BNP Paribas positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hanesbrands position performs unexpectedly, BNP Paribas 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 BNP Paribas will offset losses from the drop in BNP Paribas' long position.| Hanesbrands vs. Ralph Lauren Corp | Hanesbrands vs. Levi Strauss Co | Hanesbrands vs. Under Armour C | Hanesbrands vs. PVH Corp |
| BNP Paribas vs. BNP Paribas Easy | BNP Paribas vs. BNP Paribas Easy | BNP Paribas vs. BNP Paribas Easy | BNP Paribas vs. BNP Paribas Easy |
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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