Correlation Between 46284VAJ0 and Hooker Furniture
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By analyzing existing cross correlation between Iron Mountain 525 and Hooker Furniture, you can compare the effects of market volatilities on 46284VAJ0 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 46284VAJ0 with a short position of Hooker Furniture. Check out your portfolio center. Please also check ongoing floating volatility patterns of 46284VAJ0 and Hooker Furniture.
Diversification Opportunities for 46284VAJ0 and Hooker Furniture
-0.36 | Correlation Coefficient |
Very good diversification
The 3 months correlation between 46284VAJ0 and Hooker is -0.36. Overlapping area represents the amount of risk that can be diversified away by holding Iron Mountain 525 and Hooker Furniture in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hooker Furniture and 46284VAJ0 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 Iron Mountain 525 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 46284VAJ0 i.e., 46284VAJ0 and Hooker Furniture go up and down completely randomly.
Pair Corralation between 46284VAJ0 and Hooker Furniture
Assuming the 90 days trading horizon 46284VAJ0 is expected to generate 4.75 times less return on investment than Hooker Furniture. But when comparing it to its historical volatility, Iron Mountain 525 is 4.69 times less risky than Hooker Furniture. It trades about 0.02 of its potential returns per unit of risk. Hooker Furniture is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 1,804 in Hooker Furniture on August 31, 2024 and sell it today you would earn a total of 69.00 from holding Hooker Furniture or generate 3.82% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 98.74% |
| Values | Daily Returns |
Iron Mountain 525 vs. Hooker Furniture
Performance |
| Timeline |
| Iron Mountain 525 |
| Hooker Furniture |
46284VAJ0 and Hooker Furniture Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 46284VAJ0 and Hooker Furniture
The main advantage of trading using opposite 46284VAJ0 and Hooker Furniture positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 46284VAJ0 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.| 46284VAJ0 vs. AEP TEX INC | 46284VAJ0 vs. US BANK NATIONAL | 46284VAJ0 vs. Bank of America | 46284VAJ0 vs. GE Aerospace |
| Hooker Furniture vs. Bassett Furniture Industries | Hooker Furniture vs. Natuzzi SpA | Hooker Furniture vs. Flexsteel Industries | Hooker Furniture vs. Hamilton Beach Brands |
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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