Correlation Between Hooker Furniture and Sprint
Specify exactly 2 symbols:
By analyzing existing cross correlation between Hooker Furniture and Sprint 7625 percent, you can compare the effects of market volatilities on Hooker Furniture and Sprint 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 Sprint. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hooker Furniture and Sprint.
Diversification Opportunities for Hooker Furniture and Sprint
-0.01 | Correlation Coefficient |
Good diversification
The 3 months correlation between Hooker and Sprint is -0.01. Overlapping area represents the amount of risk that can be diversified away by holding Hooker Furniture and Sprint 7625 percent in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sprint 7625 percent 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 Sprint. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sprint 7625 percent has no effect on the direction of Hooker Furniture i.e., Hooker Furniture and Sprint go up and down completely randomly.
Pair Corralation between Hooker Furniture and Sprint
Given the investment horizon of 90 days Hooker Furniture is expected to generate 6.74 times more return on investment than Sprint. However, Hooker Furniture is 6.74 times more volatile than Sprint 7625 percent. It trades about 0.02 of its potential returns per unit of risk. Sprint 7625 percent is currently generating about 0.0 per unit of risk. If you would invest 1,623 in Hooker Furniture on September 12, 2024 and sell it today you would earn a total of 42.00 from holding Hooker Furniture or generate 2.59% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 96.77% |
| Values | Daily Returns |
Hooker Furniture vs. Sprint 7625 percent
Performance |
| Timeline |
| Hooker Furniture |
| Sprint 7625 percent |
Hooker Furniture and Sprint Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hooker Furniture and Sprint
The main advantage of trading using opposite Hooker Furniture and Sprint positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hooker Furniture position performs unexpectedly, Sprint 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 Sprint will offset losses from the drop in Sprint'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 |
| Sprint vs. JD Sports Fashion | Sprint vs. Verra Mobility Corp | Sprint vs. Hooker Furniture | Sprint vs. Delek Logistics Partners |
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 Alpha Finder module to use alpha and beta coefficients to find investment opportunities after accounting for the risk.
Other Complementary Tools
| Volatility Analysis Get historical volatility and risk analysis based on latest market data | |
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals | |
| Equity Forecasting Use basic forecasting models to generate price predictions and determine price momentum | |
| Portfolio Suggestion Get suggestions outside of your existing asset allocation including your own model portfolios | |
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum |