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Correlation Between Home Depot and Haverty Furniture

Analyzing existing cross correlation between Home Depot and Haverty Furniture Companies In. You can compare the effects of market volatilities on Home Depot and Haverty 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 Home Depot with a short position of Haverty Furniture. Check out your portfolio center. Please also check ongoing floating volatility patterns of Home Depot and Haverty Furniture.

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Diversification Opportunities for Home Depot and Haverty Furniture

Home Depot Inc diversification synergy
-0.35
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Very good diversification

The 3 months correlation between Home and Haverty is -0.35. Overlapping area represents the amount of risk that can be diversified away by holding Home Depot Inc and Haverty Furniture Companies In in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Haverty Furniture and Home Depot 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 Home Depot are associated (or correlated) with Haverty Furniture. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Haverty Furniture has no effect on the direction of Home Depot i.e. Home Depot and Haverty Furniture go up and down completely randomly.

Pair Corralation between Home Depot and Haverty Furniture

Allowing for the 30-days total investment horizon, Home Depot is expected to generate 0.41 times more return on investment than Haverty Furniture. However, Home Depot is 2.45 times less risky than Haverty Furniture. It trades about 0.21 of its potential returns per unit of risk. Haverty Furniture Companies In is currently generating about -0.11 per unit of risk. If you would invest  21,840  in Home Depot on January 24, 2020 and sell it today you would earn a total of  2,694  from holding Home Depot or generate 12.34% return on investment over 30 days.
Time Period3 Months [change]
DirectionMoves Against 
StrengthInsignificant
Accuracy98.41%
ValuesDaily Returns

Home Depot Inc  vs.  Haverty Furniture Companies In

 Performance (%) 
    
  Timeline 
Home Depot 
1414

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Home Depot are ranked lower than 14 (%) of all global equities and portfolios over the last 30 days. In spite of rather sluggish fundamental drivers, Home Depot may actually be approaching a critical reversion point that can send shares even higher in March 2020.
Haverty Furniture 
00

Risk-Adjusted Performance

Over the last 30 days Haverty Furniture Companies In has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of unsteady performance in the last few months, the Stock's essential indicators remain comparatively unchanging which may send shares a bit higher in March 2020. The late uproar may also be a sign of mid-term up-swing for the firm leadership.

Home Depot and Haverty Furniture Volatility Contrast

 Predicted Return Density 
    
  Returns 
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