Correlation Between SUMIBK and Hooker Furniture
Specify exactly 2 symbols:
By analyzing existing cross correlation between SUMIBK 305 14 JAN 42 and Hooker Furniture, you can compare the effects of market volatilities on SUMIBK 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 SUMIBK with a short position of Hooker Furniture. Check out your portfolio center. Please also check ongoing floating volatility patterns of SUMIBK and Hooker Furniture.
Diversification Opportunities for SUMIBK and Hooker Furniture
-0.02 | Correlation Coefficient |
Good diversification
The 3 months correlation between SUMIBK and Hooker is -0.02. Overlapping area represents the amount of risk that can be diversified away by holding SUMIBK 305 14 JAN 42 and Hooker Furniture in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hooker Furniture and SUMIBK 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 SUMIBK 305 14 JAN 42 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 SUMIBK i.e., SUMIBK and Hooker Furniture go up and down completely randomly.
Pair Corralation between SUMIBK and Hooker Furniture
Assuming the 90 days trading horizon SUMIBK is expected to generate 2.64 times less return on investment than Hooker Furniture. But when comparing it to its historical volatility, SUMIBK 305 14 JAN 42 is 2.23 times less risky than Hooker Furniture. It trades about 0.04 of its potential returns per unit of risk. Hooker Furniture is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest 1,663 in Hooker Furniture on September 2, 2024 and sell it today you would earn a total of 210.00 from holding Hooker Furniture or generate 12.63% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 37.3% |
| Values | Daily Returns |
SUMIBK 305 14 JAN 42 vs. Hooker Furniture
Performance |
| Timeline |
| SUMIBK 305 14 |
| Hooker Furniture |
SUMIBK and Hooker Furniture Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SUMIBK and Hooker Furniture
The main advantage of trading using opposite SUMIBK and Hooker Furniture positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SUMIBK 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.| SUMIBK vs. BCE Inc | SUMIBK vs. Doubledown Interactive Co | SUMIBK vs. NH Foods Ltd | SUMIBK vs. Contagious Gaming |
| 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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
Other Complementary Tools
| Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios | |
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences | |
| Technical Analysis Check basic technical indicators and analysis based on most latest market data | |
| Transaction History View history of all your transactions and understand their impact on performance | |
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments |