Correlation Between Hooker Furniture and ANHEUSER
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By analyzing existing cross correlation between Hooker Furniture and ANHEUSER BUSCH INBEV WORLDWIDE, you can compare the effects of market volatilities on Hooker Furniture and ANHEUSER 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 ANHEUSER. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hooker Furniture and ANHEUSER.
Diversification Opportunities for Hooker Furniture and ANHEUSER
-0.28 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Hooker and ANHEUSER is -0.28. Overlapping area represents the amount of risk that can be diversified away by holding Hooker Furniture and ANHEUSER BUSCH INBEV WORLDWIDE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ANHEUSER BUSCH INBEV 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 ANHEUSER. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ANHEUSER BUSCH INBEV has no effect on the direction of Hooker Furniture i.e., Hooker Furniture and ANHEUSER go up and down completely randomly.
Pair Corralation between Hooker Furniture and ANHEUSER
Given the investment horizon of 90 days Hooker Furniture is expected to generate 4.11 times more return on investment than ANHEUSER. However, Hooker Furniture is 4.11 times more volatile than ANHEUSER BUSCH INBEV WORLDWIDE. It trades about 0.05 of its potential returns per unit of risk. ANHEUSER BUSCH INBEV WORLDWIDE is currently generating about -0.01 per unit of risk. If you would invest 1,663 in Hooker Furniture on September 2, 2024 and sell it today you would earn a total of 210.00 from holding Hooker Furniture or generate 12.63% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 94.44% |
| Values | Daily Returns |
Hooker Furniture vs. ANHEUSER BUSCH INBEV WORLDWIDE
Performance |
| Timeline |
| Hooker Furniture |
| ANHEUSER BUSCH INBEV |
Hooker Furniture and ANHEUSER Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hooker Furniture and ANHEUSER
The main advantage of trading using opposite Hooker Furniture and ANHEUSER positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hooker Furniture position performs unexpectedly, ANHEUSER 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 ANHEUSER will offset losses from the drop in ANHEUSER's long position.| Hooker Furniture vs. Bassett Furniture Industries | Hooker Furniture vs. Willis Lease Finance | Hooker Furniture vs. Rocky Brands | Hooker Furniture vs. First Business Financial |
| ANHEUSER vs. HUTCHMED DRC | ANHEUSER vs. Eastman Chemical | ANHEUSER vs. BioNTech SE | ANHEUSER vs. The Mosaic |
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 Equity Valuation module to check real value of public entities based on technical and fundamental data.
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