Correlation Analysis Between Haverty Furniture and Home Depot

This module allows you to analyze existing cross correlation between Haverty Furniture Companies In and Home Depot. You can compare the effects of market volatilities on Haverty Furniture and Home Depot 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 Haverty Furniture with a short position of Home Depot. See also your portfolio center. Please also check ongoing floating volatility patterns of Haverty Furniture and Home Depot.
Horizon     30 Days    Login   to change
Symbolsvs
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Comparative Performance

Haverty Furniture  
22

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Haverty Furniture Companies In are ranked lower than 2 (%) of all global equities and portfolios over the last 30 days. In spite of comparatively unchanging essential indicators, Haverty Furniture is not utilizing all of its potentials. The ongoing stock price uproar, may contribute to short horizon losses for the leadership.
Home Depot  
22

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Home Depot are ranked lower than 2 (%) of all global equities and portfolios over the last 30 days. In spite of rather sound fundamental drivers, Home Depot is not utilizing all of its potentials. The new stock price tumult, may contribute to shorter-term losses for the shareholders.

Haverty Furniture and Home Depot Volatility Contrast

 Predicted Return Density 
      Returns 

Haverty Furniture Companies In  vs.  Home Depot Inc

 Performance (%) 
      Timeline 

Pair Volatility

Considering 30-days investment horizon, Haverty Furniture Companies In is expected to generate 2.09 times more return on investment than Home Depot. However, Haverty Furniture is 2.09 times more volatile than Home Depot. It trades about 0.04 of its potential returns per unit of risk. Home Depot is currently generating about 0.04 per unit of risk. If you would invest  1,915  in Haverty Furniture Companies In on October 22, 2019 and sell it today you would earn a total of  67.00  from holding Haverty Furniture Companies In or generate 3.5% return on investment over 30 days.

Pair Corralation between Haverty Furniture and Home Depot

0.49
Time Period3 Months [change]
DirectionPositive 
StrengthWeak
Accuracy98.44%
ValuesDaily Returns

Diversification Opportunities for Haverty Furniture and Home Depot

Haverty Furniture Companies In diversification synergy

Very weak diversification

Overlapping area represents the amount of risk that can be diversified away by holding Haverty Furniture Companies In and Home Depot Inc in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Home Depot and Haverty 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 Haverty Furniture Companies In are associated (or correlated) with Home Depot. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Home Depot has no effect on the direction of Haverty Furniture i.e. Haverty Furniture and Home Depot go up and down completely randomly.
See also your portfolio center. Please also try Fundamental Analysis module to view fundamental data based on most recent published financial statements.


 
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