Correlation Between Haverty Furniture and FEDEX
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By analyzing existing cross correlation between Haverty Furniture Companies and FEDEX P, you can compare the effects of market volatilities on Haverty Furniture and FEDEX 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 Haverty Furniture with a short position of FEDEX. Check out your portfolio center. Please also check ongoing floating volatility patterns of Haverty Furniture and FEDEX.
Diversification Opportunities for Haverty Furniture and FEDEX
0.55 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Haverty and FEDEX is 0.55. Overlapping area represents the amount of risk that can be diversified away by holding Haverty Furniture Companies and FEDEX P in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on FEDEX P and Haverty 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 Haverty Furniture Companies are associated (or correlated) with FEDEX. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of FEDEX P has no effect on the direction of Haverty Furniture i.e., Haverty Furniture and FEDEX go up and down completely randomly.
Pair Corralation between Haverty Furniture and FEDEX
Considering the 90-day investment horizon Haverty Furniture Companies is expected to generate 2.05 times more return on investment than FEDEX. However, Haverty Furniture is 2.05 times more volatile than FEDEX P. It trades about 0.11 of its potential returns per unit of risk. FEDEX P is currently generating about -0.17 per unit of risk. If you would invest 2,218 in Haverty Furniture Companies on September 13, 2024 and sell it today you would earn a total of 100.00 from holding Haverty Furniture Companies or generate 4.51% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
Haverty Furniture Companies vs. FEDEX P
Performance |
| Timeline |
| Haverty Furniture |
| FEDEX P |
Haverty Furniture and FEDEX Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Haverty Furniture and FEDEX
The main advantage of trading using opposite Haverty Furniture and FEDEX positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Haverty Furniture position performs unexpectedly, FEDEX 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 FEDEX will offset losses from the drop in FEDEX's long position.| Haverty Furniture vs. Floor Decor Holdings | Haverty Furniture vs. Live Ventures | Haverty Furniture vs. Home Depot | Haverty Furniture vs. Lowes Companies |
| FEDEX vs. Univest Pennsylvania | FEDEX vs. Discover Financial Services | FEDEX vs. Encore Capital Group | FEDEX vs. Employers Holdings |
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 Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
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