Correlation Between Chanson International and Hooker Furniture
Can any of the company-specific risk be diversified away by investing in both Chanson International and Hooker Furniture at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Chanson International and Hooker Furniture into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Chanson International Holding and Hooker Furniture, you can compare the effects of market volatilities on Chanson International 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 Chanson International with a short position of Hooker Furniture. Check out your portfolio center. Please also check ongoing floating volatility patterns of Chanson International and Hooker Furniture.
Diversification Opportunities for Chanson International and Hooker Furniture
0.12 | Correlation Coefficient |
Average diversification
The 3 months correlation between Chanson and Hooker is 0.12. Overlapping area represents the amount of risk that can be diversified away by holding Chanson International Holding and Hooker Furniture in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hooker Furniture and Chanson International 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 Chanson International Holding 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 Chanson International i.e., Chanson International and Hooker Furniture go up and down completely randomly.
Pair Corralation between Chanson International and Hooker Furniture
Given the investment horizon of 90 days Chanson International Holding is expected to generate 3.35 times more return on investment than Hooker Furniture. However, Chanson International is 3.35 times more volatile than Hooker Furniture. It trades about 0.03 of its potential returns per unit of risk. Hooker Furniture is currently generating about 0.06 per unit of risk. If you would invest 220.00 in Chanson International Holding on August 21, 2025 and sell it today you would lose (14.00) from holding Chanson International Holding or give up 6.36% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Chanson International Holding vs. Hooker Furniture
Performance |
| Timeline |
| Chanson International |
| Hooker Furniture |
Chanson International and Hooker Furniture Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Chanson International and Hooker Furniture
The main advantage of trading using opposite Chanson International and Hooker Furniture positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Chanson International 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.| Chanson International vs. Red Robin Gourmet | Chanson International vs. TH International Limited | Chanson International vs. One Group Hospitality | Chanson International vs. GEN Restaurant Group, |
| Hooker Furniture vs. Kewaunee Scientific | Hooker Furniture vs. Traeger | Hooker Furniture vs. Virco Manufacturing | Hooker Furniture vs. Sleep Number Corp |
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 Premium Stories module to follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope.
Other Complementary Tools
| Money Managers Screen money managers from public funds and ETFs managed around the world | |
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| FinTech Suite Use AI to screen and filter profitable investment opportunities | |
| Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Insider Screener Find insiders across different sectors to evaluate their impact on performance |