Correlation Between BIOGEN and Hooker Furniture
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By analyzing existing cross correlation between BIOGEN INC 52 and Hooker Furniture, you can compare the effects of market volatilities on BIOGEN and Hooker Furniture 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 BIOGEN with a short position of Hooker Furniture. Check out your portfolio center. Please also check ongoing floating volatility patterns of BIOGEN and Hooker Furniture.
Diversification Opportunities for BIOGEN and Hooker Furniture
-0.24 | Correlation Coefficient |
Very good diversification
The 3 months correlation between BIOGEN and Hooker is -0.24. Overlapping area represents the amount of risk that can be diversified away by holding BIOGEN INC 52 and Hooker Furniture in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hooker Furniture and BIOGEN 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 BIOGEN INC 52 are associated (or correlated) with Hooker Furniture. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hooker Furniture has no effect on the direction of BIOGEN i.e., BIOGEN and Hooker Furniture go up and down completely randomly.
Pair Corralation between BIOGEN and Hooker Furniture
Assuming the 90 days trading horizon BIOGEN INC 52 is expected to generate 27.01 times more return on investment than Hooker Furniture. However, BIOGEN is 27.01 times more volatile than Hooker Furniture. It trades about 0.06 of its potential returns per unit of risk. Hooker Furniture is currently generating about 0.02 per unit of risk. If you would invest 10,002 in BIOGEN INC 52 on August 29, 2024 and sell it today you would lose (1,588) from holding BIOGEN INC 52 or give up 15.88% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 80.0% |
| Values | Daily Returns |
BIOGEN INC 52 vs. Hooker Furniture
Performance |
| Timeline |
| BIOGEN INC 52 |
| Hooker Furniture |
BIOGEN and Hooker Furniture Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BIOGEN and Hooker Furniture
The main advantage of trading using opposite BIOGEN and Hooker Furniture positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BIOGEN position performs unexpectedly, Hooker Furniture 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 Hooker Furniture will offset losses from the drop in Hooker Furniture's long position.| BIOGEN vs. National Beverage Corp | BIOGEN vs. Analog Devices | BIOGEN vs. Western Digital | BIOGEN vs. Senmiao Technology |
| Hooker Furniture vs. Willis Lease Finance | Hooker Furniture vs. Rocky Brands | Hooker Furniture vs. First Business Financial |
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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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