Correlation Between Hooker Furniture and 929043AK3
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By analyzing existing cross correlation between Hooker Furniture and VNO 215 01 JUN 26, you can compare the effects of market volatilities on Hooker Furniture and 929043AK3 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 929043AK3. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hooker Furniture and 929043AK3.
Diversification Opportunities for Hooker Furniture and 929043AK3
-0.44 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Hooker and 929043AK3 is -0.44. Overlapping area represents the amount of risk that can be diversified away by holding Hooker Furniture and VNO 215 01 JUN 26 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on VNO 215 01 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 929043AK3. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of VNO 215 01 has no effect on the direction of Hooker Furniture i.e., Hooker Furniture and 929043AK3 go up and down completely randomly.
Pair Corralation between Hooker Furniture and 929043AK3
Given the investment horizon of 90 days Hooker Furniture is expected to generate 2.88 times more return on investment than 929043AK3. However, Hooker Furniture is 2.88 times more volatile than VNO 215 01 JUN 26. It trades about 0.23 of its potential returns per unit of risk. VNO 215 01 JUN 26 is currently generating about -0.18 per unit of risk. If you would invest 1,626 in Hooker Furniture on September 2, 2024 and sell it today you would earn a total of 247.00 from holding Hooker Furniture or generate 15.19% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 95.24% |
| Values | Daily Returns |
Hooker Furniture vs. VNO 215 01 JUN 26
Performance |
| Timeline |
| Hooker Furniture |
| VNO 215 01 |
Hooker Furniture and 929043AK3 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hooker Furniture and 929043AK3
The main advantage of trading using opposite Hooker Furniture and 929043AK3 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hooker Furniture position performs unexpectedly, 929043AK3 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 929043AK3 will offset losses from the drop in 929043AK3's long position.| Hooker Furniture vs. Willis Lease Finance | Hooker Furniture vs. Rocky Brands | Hooker Furniture vs. First Business Financial |
| 929043AK3 vs. Hudson Pacific Properties | 929043AK3 vs. Academy Sports Outdoors | 929043AK3 vs. Hooker Furniture | 929043AK3 vs. Stepan Company |
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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
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