Correlation Between Hooker Furniture and 00206RDQ2
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By analyzing existing cross correlation between Hooker Furniture and ATT INC 425, you can compare the effects of market volatilities on Hooker Furniture and 00206RDQ2 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 00206RDQ2. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hooker Furniture and 00206RDQ2.
Diversification Opportunities for Hooker Furniture and 00206RDQ2
-0.24 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Hooker and 00206RDQ2 is -0.24. Overlapping area represents the amount of risk that can be diversified away by holding Hooker Furniture and ATT INC 425 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ATT INC 425 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 00206RDQ2. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ATT INC 425 has no effect on the direction of Hooker Furniture i.e., Hooker Furniture and 00206RDQ2 go up and down completely randomly.
Pair Corralation between Hooker Furniture and 00206RDQ2
Given the investment horizon of 90 days Hooker Furniture is expected to under-perform the 00206RDQ2. In addition to that, Hooker Furniture is 9.35 times more volatile than ATT INC 425. It trades about -0.17 of its total potential returns per unit of risk. ATT INC 425 is currently generating about 0.04 per unit of volatility. If you would invest 9,941 in ATT INC 425 on September 12, 2024 and sell it today you would earn a total of 27.00 from holding ATT INC 425 or generate 0.27% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hooker Furniture vs. ATT INC 425
Performance |
| Timeline |
| Hooker Furniture |
| ATT INC 425 |
Hooker Furniture and 00206RDQ2 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hooker Furniture and 00206RDQ2
The main advantage of trading using opposite Hooker Furniture and 00206RDQ2 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hooker Furniture position performs unexpectedly, 00206RDQ2 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 00206RDQ2 will offset losses from the drop in 00206RDQ2'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 |
| 00206RDQ2 vs. Coty Inc | 00206RDQ2 vs. JD Sports Fashion | 00206RDQ2 vs. European Wax Center | 00206RDQ2 vs. Hooker Furniture |
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 Premium Stories module to follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope.
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