Correlation Between Hooker Furniture and BRISTOL
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By analyzing existing cross correlation between Hooker Furniture and BRISTOL MYERS SQUIBB CO, you can compare the effects of market volatilities on Hooker Furniture and BRISTOL 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 BRISTOL. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hooker Furniture and BRISTOL.
Diversification Opportunities for Hooker Furniture and BRISTOL
-0.42 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Hooker and BRISTOL is -0.42. Overlapping area represents the amount of risk that can be diversified away by holding Hooker Furniture and BRISTOL MYERS SQUIBB CO in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BRISTOL MYERS SQUIBB 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 BRISTOL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BRISTOL MYERS SQUIBB has no effect on the direction of Hooker Furniture i.e., Hooker Furniture and BRISTOL go up and down completely randomly.
Pair Corralation between Hooker Furniture and BRISTOL
Given the investment horizon of 90 days Hooker Furniture is expected to generate 7.94 times more return on investment than BRISTOL. However, Hooker Furniture is 7.94 times more volatile than BRISTOL MYERS SQUIBB CO. It trades about 0.03 of its potential returns per unit of risk. BRISTOL MYERS SQUIBB CO is currently generating about -0.01 per unit of risk. If you would invest 1,587 in Hooker Furniture on August 31, 2024 and sell it today you would earn a total of 286.00 from holding Hooker Furniture or generate 18.02% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 98.4% |
| Values | Daily Returns |
Hooker Furniture vs. BRISTOL MYERS SQUIBB CO
Performance |
| Timeline |
| Hooker Furniture |
| BRISTOL MYERS SQUIBB |
Hooker Furniture and BRISTOL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hooker Furniture and BRISTOL
The main advantage of trading using opposite Hooker Furniture and BRISTOL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hooker Furniture position performs unexpectedly, BRISTOL 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 BRISTOL will offset losses from the drop in BRISTOL'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 |
| BRISTOL vs. Hooker Furniture | BRISTOL vs. Procter Gamble | BRISTOL vs. Aterian | BRISTOL vs. Eastman Kodak Co |
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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
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