Correlation Between Hooker Furniture and CITIGROUP
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By analyzing existing cross correlation between Hooker Furniture and CITIGROUP INC 475, you can compare the effects of market volatilities on Hooker Furniture and CITIGROUP 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 CITIGROUP. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hooker Furniture and CITIGROUP.
Diversification Opportunities for Hooker Furniture and CITIGROUP
0.42 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Hooker and CITIGROUP is 0.42. Overlapping area represents the amount of risk that can be diversified away by holding Hooker Furniture and CITIGROUP INC 475 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CITIGROUP INC 475 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 CITIGROUP. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CITIGROUP INC 475 has no effect on the direction of Hooker Furniture i.e., Hooker Furniture and CITIGROUP go up and down completely randomly.
Pair Corralation between Hooker Furniture and CITIGROUP
If you would invest 0.00 in CITIGROUP INC 475 on November 30, 2024 and sell it today you would earn a total of 0.00 from holding CITIGROUP INC 475 or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 2.44% |
| Values | Daily Returns |
Hooker Furniture vs. CITIGROUP INC 475
Performance |
| Timeline |
| Hooker Furniture |
| CITIGROUP INC 475 |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
Hooker Furniture and CITIGROUP Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hooker Furniture and CITIGROUP
The main advantage of trading using opposite Hooker Furniture and CITIGROUP positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hooker Furniture position performs unexpectedly, CITIGROUP 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 CITIGROUP will offset losses from the drop in CITIGROUP'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 |
| CITIGROUP vs. Torm PLC Class | CITIGROUP vs. Hillman Solutions Corp | CITIGROUP vs. Estee Lauder Companies | CITIGROUP vs. Weyco Group |
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 Portfolio Center module to all portfolio management and optimization tools to improve performance of your portfolios.
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