Correlation Between Hooker Furniture and 48242WAC0
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By analyzing existing cross correlation between Hooker Furniture and KBR INC 475, you can compare the effects of market volatilities on Hooker Furniture and 48242WAC0 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 48242WAC0. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hooker Furniture and 48242WAC0.
Diversification Opportunities for Hooker Furniture and 48242WAC0
-0.2 | Correlation Coefficient |
Good diversification
The 3 months correlation between Hooker and 48242WAC0 is -0.2. Overlapping area represents the amount of risk that can be diversified away by holding Hooker Furniture and KBR INC 475 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on KBR 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 48242WAC0. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of KBR INC 475 has no effect on the direction of Hooker Furniture i.e., Hooker Furniture and 48242WAC0 go up and down completely randomly.
Pair Corralation between Hooker Furniture and 48242WAC0
Given the investment horizon of 90 days Hooker Furniture is expected to generate 2.86 times more return on investment than 48242WAC0. However, Hooker Furniture is 2.86 times more volatile than KBR INC 475. It trades about 0.15 of its potential returns per unit of risk. KBR INC 475 is currently generating about -0.29 per unit of risk. If you would invest 1,689 in Hooker Furniture on August 30, 2024 and sell it today you would earn a total of 174.00 from holding Hooker Furniture or generate 10.3% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 56.52% |
| Values | Daily Returns |
Hooker Furniture vs. KBR INC 475
Performance |
| Timeline |
| Hooker Furniture |
| KBR INC 475 |
Hooker Furniture and 48242WAC0 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hooker Furniture and 48242WAC0
The main advantage of trading using opposite Hooker Furniture and 48242WAC0 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hooker Furniture position performs unexpectedly, 48242WAC0 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 48242WAC0 will offset losses from the drop in 48242WAC0'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 |
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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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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