Correlation Between Hooker Furniture and 166756AX4
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By analyzing existing cross correlation between Hooker Furniture and CVX 42 15 OCT 49, you can compare the effects of market volatilities on Hooker Furniture and 166756AX4 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 166756AX4. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hooker Furniture and 166756AX4.
Diversification Opportunities for Hooker Furniture and 166756AX4
-0.01 | Correlation Coefficient |
Good diversification
The 3 months correlation between Hooker and 166756AX4 is -0.01. Overlapping area represents the amount of risk that can be diversified away by holding Hooker Furniture and CVX 42 15 OCT 49 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CVX 42 15 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 166756AX4. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CVX 42 15 has no effect on the direction of Hooker Furniture i.e., Hooker Furniture and 166756AX4 go up and down completely randomly.
Pair Corralation between Hooker Furniture and 166756AX4
Given the investment horizon of 90 days Hooker Furniture is expected to generate 1.6 times more return on investment than 166756AX4. However, Hooker Furniture is 1.6 times more volatile than CVX 42 15 OCT 49. It trades about 0.03 of its potential returns per unit of risk. CVX 42 15 OCT 49 is currently generating about -0.02 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 | Insignificant |
| Accuracy | 32.89% |
| Values | Daily Returns |
Hooker Furniture vs. CVX 42 15 OCT 49
Performance |
| Timeline |
| Hooker Furniture |
| CVX 42 15 |
Hooker Furniture and 166756AX4 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hooker Furniture and 166756AX4
The main advantage of trading using opposite Hooker Furniture and 166756AX4 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hooker Furniture position performs unexpectedly, 166756AX4 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 166756AX4 will offset losses from the drop in 166756AX4'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 |
| 166756AX4 vs. Hooker Furniture | 166756AX4 vs. Stepan Company | 166756AX4 vs. SL Green Realty | 166756AX4 vs. Addus HomeCare |
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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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