Correlation Between Hooker Furniture and One Group
Can any of the company-specific risk be diversified away by investing in both Hooker Furniture and One Group 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 Hooker Furniture and One Group into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Hooker Furniture and One Group Hospitality, you can compare the effects of market volatilities on Hooker Furniture and One Group 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 Hooker Furniture with a short position of One Group. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hooker Furniture and One Group.
Diversification Opportunities for Hooker Furniture and One Group
0.01 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Hooker and One is 0.01. Overlapping area represents the amount of risk that can be diversified away by holding Hooker Furniture and One Group Hospitality in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on One Group Hospitality and Hooker Furniture 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 Hooker Furniture are associated (or correlated) with One Group. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of One Group Hospitality has no effect on the direction of Hooker Furniture i.e., Hooker Furniture and One Group go up and down completely randomly.
Pair Corralation between Hooker Furniture and One Group
Given the investment horizon of 90 days Hooker Furniture is expected to generate 0.52 times more return on investment than One Group. However, Hooker Furniture is 1.92 times less risky than One Group. It trades about 0.03 of its potential returns per unit of risk. One Group Hospitality is currently generating about -0.11 per unit of risk. If you would invest 1,015 in Hooker Furniture on August 22, 2025 and sell it today you would earn a total of 30.00 from holding Hooker Furniture or generate 2.96% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hooker Furniture vs. One Group Hospitality
Performance |
| Timeline |
| Hooker Furniture |
| One Group Hospitality |
Hooker Furniture and One Group Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hooker Furniture and One Group
The main advantage of trading using opposite Hooker Furniture and One Group positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hooker Furniture position performs unexpectedly, One Group 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 One Group will offset losses from the drop in One Group's long position.| Hooker Furniture vs. Purple Innovation | Hooker Furniture vs. Lifetime Brands | Hooker Furniture vs. Full House Resorts | Hooker Furniture vs. Virco Manufacturing |
| One Group vs. Red Robin Gourmet | One Group vs. Lifetime Brands | One Group vs. Vera Bradley | One Group vs. Allbirds |
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 Portfolio Dashboard module to portfolio dashboard that provides centralized access to all your investments.
Other Complementary Tools
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
| Volatility Analysis Get historical volatility and risk analysis based on latest market data | |
| Content Syndication Quickly integrate customizable finance content to your own investment portal | |
| Insider Screener Find insiders across different sectors to evaluate their impact on performance | |
| Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes |