Correlation Between Hhgregg and Conns
Can any of the company-specific risk be diversified away by investing in both Hhgregg and Conns 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 Hhgregg and Conns into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Hhgregg and Conns Inc, you can compare the effects of market volatilities on Hhgregg and Conns 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 Hhgregg with a short position of Conns. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hhgregg and Conns.
Diversification Opportunities for Hhgregg and Conns
Pay attention - limited upside
The 3 months correlation between Hhgregg and Conns is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Hhgregg and Conns Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Conns Inc and Hhgregg 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 Hhgregg are associated (or correlated) with Conns. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Conns Inc has no effect on the direction of Hhgregg i.e., Hhgregg and Conns go up and down completely randomly.
Pair Corralation between Hhgregg and Conns
If you would invest (100.00) in Hhgregg on January 20, 2024 and sell it today you would earn a total of 100.00 from holding Hhgregg or generate -100.0% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 0.0% |
Values | Daily Returns |
Hhgregg vs. Conns Inc
Performance |
Timeline |
Hhgregg |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Conns Inc |
Hhgregg and Conns Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Hhgregg and Conns
The main advantage of trading using opposite Hhgregg and Conns positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hhgregg position performs unexpectedly, Conns 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 Conns will offset losses from the drop in Conns' long position.Hhgregg vs. Hawkins | Hhgregg vs. BRP Inc | Hhgregg vs. Academy Sports OutdoorsInc | Hhgregg vs. Playtech plc |
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 Center module to all portfolio management and optimization tools to improve performance of your portfolios.
Other Complementary Tools
Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes | |
Analyst Advice Analyst recommendations and target price estimates broken down by several categories | |
Portfolio Optimization Compute new portfolio that will generate highest expected return given your specified tolerance for risk | |
Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets | |
Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators | |
Correlation Analysis Reduce portfolio risk simply by holding instruments which are not perfectly correlated | |
USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
Efficient Frontier Plot and analyze your portfolio and positions against risk-return landscape of the market. | |
Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine |