Correlation Between Hooker Furniture and Contagious Gaming
Can any of the company-specific risk be diversified away by investing in both Hooker Furniture and Contagious Gaming 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 Hooker Furniture and Contagious Gaming into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Hooker Furniture and Contagious Gaming, you can compare the effects of market volatilities on Hooker Furniture and Contagious Gaming 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 Hooker Furniture with a short position of Contagious Gaming. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hooker Furniture and Contagious Gaming.
Diversification Opportunities for Hooker Furniture and Contagious Gaming
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Hooker and Contagious is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Hooker Furniture and Contagious Gaming in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Contagious Gaming and Hooker Furniture 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 Hooker Furniture are associated (or correlated) with Contagious Gaming. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Contagious Gaming has no effect on the direction of Hooker Furniture i.e., Hooker Furniture and Contagious Gaming go up and down completely randomly.
Pair Corralation between Hooker Furniture and Contagious Gaming
If you would invest 1,684 in Hooker Furniture on August 31, 2024 and sell it today you would earn a total of 179.00 from holding Hooker Furniture or generate 10.63% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hooker Furniture vs. Contagious Gaming
Performance |
| Timeline |
| Hooker Furniture |
| Contagious Gaming |
Hooker Furniture and Contagious Gaming Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hooker Furniture and Contagious Gaming
The main advantage of trading using opposite Hooker Furniture and Contagious Gaming positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hooker Furniture position performs unexpectedly, Contagious Gaming 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 Contagious Gaming will offset losses from the drop in Contagious Gaming's long position.| Hooker Furniture vs. Bassett Furniture Industries | Hooker Furniture vs. Natuzzi SpA | Hooker Furniture vs. Flexsteel Industries | Hooker Furniture vs. Hamilton Beach Brands |
| Contagious Gaming vs. Porsche Automobile Holding | Contagious Gaming vs. Ferrari NV | Contagious Gaming vs. Toyota Motor | Contagious Gaming vs. General Motors |
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 Bond Analysis module to evaluate and analyze corporate bonds as a potential investment for your portfolios..
Other Complementary Tools
| Money Managers Screen money managers from public funds and ETFs managed around the world | |
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences | |
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios |