Correlation Between 693304AW7 and Hooker Furniture
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By analyzing existing cross correlation between PECO ENERGY 39 and Hooker Furniture, you can compare the effects of market volatilities on 693304AW7 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 693304AW7 with a short position of Hooker Furniture. Check out your portfolio center. Please also check ongoing floating volatility patterns of 693304AW7 and Hooker Furniture.
Diversification Opportunities for 693304AW7 and Hooker Furniture
-0.09 | Correlation Coefficient |
Good diversification
The 3 months correlation between 693304AW7 and Hooker is -0.09. Overlapping area represents the amount of risk that can be diversified away by holding PECO ENERGY 39 and Hooker Furniture in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hooker Furniture and 693304AW7 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 PECO ENERGY 39 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 693304AW7 i.e., 693304AW7 and Hooker Furniture go up and down completely randomly.
Pair Corralation between 693304AW7 and Hooker Furniture
Assuming the 90 days trading horizon PECO ENERGY 39 is expected to under-perform the Hooker Furniture. But the bond apears to be less risky and, when comparing its historical volatility, PECO ENERGY 39 is 2.56 times less risky than Hooker Furniture. The bond trades about -0.15 of its potential returns per unit of risk. The Hooker Furniture is currently generating about 0.12 of returns per unit of risk over similar time horizon. If you would invest 1,645 in Hooker Furniture on September 3, 2024 and sell it today you would earn a total of 228.00 from holding Hooker Furniture or generate 13.86% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 66.67% |
| Values | Daily Returns |
PECO ENERGY 39 vs. Hooker Furniture
Performance |
| Timeline |
| PECO ENERGY |
| Hooker Furniture |
693304AW7 and Hooker Furniture Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 693304AW7 and Hooker Furniture
The main advantage of trading using opposite 693304AW7 and Hooker Furniture positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 693304AW7 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.| 693304AW7 vs. Bridgford Foods | 693304AW7 vs. SNDL Inc | 693304AW7 vs. Monster Beverage Corp | 693304AW7 vs. AMCON Distributing |
| 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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
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