Correlation Between HNI Corp and Knoll
Can any of the company-specific risk be diversified away by investing in both HNI Corp and Knoll 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 HNI Corp and Knoll into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between HNI Corp and Knoll Inc, you can compare the effects of market volatilities on HNI Corp and Knoll 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 HNI Corp with a short position of Knoll. Check out your portfolio center. Please also check ongoing floating volatility patterns of HNI Corp and Knoll.
Diversification Opportunities for HNI Corp and Knoll
Pay attention - limited upside
The 3 months correlation between HNI and Knoll is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding HNI Corp and Knoll Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Knoll Inc and HNI Corp 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 HNI Corp are associated (or correlated) with Knoll. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Knoll Inc has no effect on the direction of HNI Corp i.e., HNI Corp and Knoll go up and down completely randomly.
Pair Corralation between HNI Corp and Knoll
If you would invest 4,160 in HNI Corp on December 29, 2023 and sell it today you would earn a total of 351.00 from holding HNI Corp or generate 8.44% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 0.0% |
Values | Daily Returns |
HNI Corp vs. Knoll Inc
Performance |
Timeline |
HNI Corp |
Knoll Inc |
Risk-Adjusted Performance
0 of 100
Low | High |
Very Weak
HNI Corp and Knoll Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with HNI Corp and Knoll
The main advantage of trading using opposite HNI Corp and Knoll positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HNI Corp position performs unexpectedly, Knoll 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 Knoll will offset losses from the drop in Knoll's long position.HNI Corp vs. Broadridge Financial Solutions | HNI Corp vs. BrightView Holdings | HNI Corp vs. First Advantage Corp | HNI Corp vs. Franklin Covey |
Knoll vs. Getty Images Holdings | Knoll vs. Chimerix | Knoll vs. Iridium Communications | Knoll vs. Tarsus PharmaceuticalsInc |
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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
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