Correlation Between Knoll and HNI Corp
Can any of the company-specific risk be diversified away by investing in both Knoll and HNI Corp 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 Knoll and HNI Corp into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Knoll Inc and HNI Corp, you can compare the effects of market volatilities on Knoll and HNI Corp 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 Knoll with a short position of HNI Corp. Check out your portfolio center. Please also check ongoing floating volatility patterns of Knoll and HNI Corp.
Diversification Opportunities for Knoll and HNI Corp
Pay attention - limited upside
The 3 months correlation between Knoll and HNI is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Knoll Inc and HNI Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HNI Corp and Knoll 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 Knoll Inc are associated (or correlated) with HNI Corp. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HNI Corp has no effect on the direction of Knoll i.e., Knoll and HNI Corp go up and down completely randomly.
Pair Corralation between Knoll and HNI Corp
If you would invest (100.00) in Knoll Inc on January 25, 2024 and sell it today you would earn a total of 100.00 from holding Knoll Inc 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 |
Knoll Inc vs. HNI Corp
Performance |
Timeline |
Knoll Inc |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
HNI Corp |
Knoll and HNI Corp Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Knoll and HNI Corp
The main advantage of trading using opposite Knoll and HNI Corp positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Knoll position performs unexpectedly, HNI Corp 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 HNI Corp will offset losses from the drop in HNI Corp's long position.Knoll vs. SunLink Health Systems | Knoll vs. Lifevantage | Knoll vs. Premium Beverage Group | Knoll vs. Waters |
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
Crypto Correlations Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins | |
Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format | |
Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
Balance Of Power Check stock momentum by analyzing Balance Of Power indicator and other technical ratios | |
Commodity Directory Find actively traded commodities issued by global exchanges | |
ETFs Find actively traded Exchange Traded Funds (ETF) from around the world | |
Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings | |
Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators | |
Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities | |
Content Syndication Quickly integrate customizable finance content to your own investment portal |