Correlation Between CALIX and Hawkins
Can any of the company-specific risk be diversified away by investing in both CALIX and Hawkins 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 CALIX and Hawkins into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between CALIX and Hawkins, you can compare the effects of market volatilities on CALIX and Hawkins 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 CALIX with a short position of Hawkins. Check out your portfolio center. Please also check ongoing floating volatility patterns of CALIX and Hawkins.
Diversification Opportunities for CALIX and Hawkins
Excellent diversification
The 3 months correlation between CALIX and Hawkins is -0.62. Overlapping area represents the amount of risk that can be diversified away by holding CALIX and Hawkins in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hawkins and CALIX 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 CALIX are associated (or correlated) with Hawkins. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hawkins has no effect on the direction of CALIX i.e., CALIX and Hawkins go up and down completely randomly.
Pair Corralation between CALIX and Hawkins
Assuming the 90 days trading horizon CALIX is expected to generate 3.22 times more return on investment than Hawkins. However, CALIX is 3.22 times more volatile than Hawkins. It trades about 0.1 of its potential returns per unit of risk. Hawkins is currently generating about -0.14 per unit of risk. If you would invest 40.00 in CALIX on September 8, 2025 and sell it today you would earn a total of 17.00 from holding CALIX or generate 42.5% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 98.48% |
| Values | Daily Returns |
CALIX vs. Hawkins
Performance |
| Timeline |
| CALIX |
| Hawkins |
CALIX and Hawkins Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CALIX and Hawkins
The main advantage of trading using opposite CALIX and Hawkins positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CALIX position performs unexpectedly, Hawkins 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 Hawkins will offset losses from the drop in Hawkins' long position.| CALIX vs. Insurance Australia Group | CALIX vs. Autosports Group | CALIX vs. Magellan Financial Group | CALIX vs. Farm Pride Foods |
| Hawkins vs. RLJ Lodging Trust | Hawkins vs. Beazer Homes USA | Hawkins vs. Wyndham Hotels Resorts | Hawkins vs. Spotlight Homes |
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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
Other Complementary Tools
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals | |
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope | |
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences | |
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. |