Correlation Between 98877DAC9 and Hooker Furniture
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By analyzing existing cross correlation between ZF North America and Hooker Furniture, you can compare the effects of market volatilities on 98877DAC9 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 98877DAC9 with a short position of Hooker Furniture. Check out your portfolio center. Please also check ongoing floating volatility patterns of 98877DAC9 and Hooker Furniture.
Diversification Opportunities for 98877DAC9 and Hooker Furniture
-0.36 | Correlation Coefficient |
Very good diversification
The 3 months correlation between 98877DAC9 and Hooker is -0.36. Overlapping area represents the amount of risk that can be diversified away by holding ZF North America and Hooker Furniture in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hooker Furniture and 98877DAC9 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 ZF North America 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 98877DAC9 i.e., 98877DAC9 and Hooker Furniture go up and down completely randomly.
Pair Corralation between 98877DAC9 and Hooker Furniture
Assuming the 90 days trading horizon ZF North America is expected to generate 0.15 times more return on investment than Hooker Furniture. However, ZF North America is 6.65 times less risky than Hooker Furniture. It trades about 0.01 of its potential returns per unit of risk. Hooker Furniture is currently generating about -0.02 per unit of risk. If you would invest 9,815 in ZF North America on September 5, 2024 and sell it today you would earn a total of 60.00 from holding ZF North America or generate 0.61% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 82.26% |
| Values | Daily Returns |
ZF North America vs. Hooker Furniture
Performance |
| Timeline |
| ZF North America |
| Hooker Furniture |
98877DAC9 and Hooker Furniture Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 98877DAC9 and Hooker Furniture
The main advantage of trading using opposite 98877DAC9 and Hooker Furniture positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 98877DAC9 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.| 98877DAC9 vs. Acumen Pharmaceuticals | 98877DAC9 vs. Tarsus Pharmaceuticals | 98877DAC9 vs. SL Green Realty | 98877DAC9 vs. JBG SMITH Properties |
| 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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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