Hovnanian Enterprises Correlations

HOV Stock

USD 121.85 14.24 13.23%

The current 90-days correlation between Hovnanian Enterprises and KB Home is 0.86 (i.e., Very poor diversification). The correlation of Hovnanian Enterprises is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak. If the correlation is 0, the equities are not correlated; they are entirely random.

Hovnanian Enterprises Correlation With Market

Weak diversification

The correlation between Hovnanian Enterprises and DJI is 0.39 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Hovnanian Enterprises and DJI in the same portfolio, assuming nothing else is changed.

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Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in Hovnanian Enterprises. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in persons.

For more information on how to buy Hovnanian Stock please use our How to Invest in Hovnanian Enterprises guide.

Moving together with Hovnanian Stock

0.85	BZH	Beazer Homes USA Earnings Call Next Week	Pair Corr
0.94	CCS	Century Communities	Pair Corr
0.7	DFH	Dream Finders Homes Earnings Call Next Week	Pair Corr
0.7	DHI	DR Horton	Pair Corr
0.86	IBP	Installed Building Earnings Call Next Week	Pair Corr
0.85	KBH	KB Home	Pair Corr
0.87	LEN	Lennar	Pair Corr
0.93	MTH	Meritage	Pair Corr
0.9	NVR	NVR Inc	Pair Corr
0.93	PHM	PulteGroup	Pair Corr
0.82	TOL	Toll Brothers	Pair Corr
0.72	TPH	TRI Pointe Homes	Pair Corr
0.92	GRBK	Green Brick Partners Earnings Call This Week	Pair Corr
0.67	HOVNP	Hovnanian Enterprises PFD	Pair Corr
0.66	ONEG	OneConstruction Group	Pair Corr
0.69	TMHC	Taylor Morn Home	Pair Corr
0.81	F	Ford Motor Earnings Call This Week	Pair Corr
0.72	M	Macys Inc Earnings Call This Week	Pair Corr
0.73	AN	AutoNation Earnings Call This Week	Pair Corr
0.63	EM	Smart Share Global	Pair Corr
0.67	GM	General Motors	Pair Corr

Related Correlations Analysis

	TMHC	KBH	MHO	CCS	LEN	PHM	BZH	DHI	MTH	TPH
TMHC		0.44	0.81	0.65	0.53	0.58	0.63	0.92	0.63	0.97	TMHC
KBH	0.44		0.31	0.82	0.88	0.85	0.66	0.56	0.91	0.53	KBH
MHO	0.81	0.31		0.52	0.36	0.45	0.54	0.72	0.49	0.83	MHO
CCS	0.65	0.82	0.52		0.84	0.97	0.84	0.7	0.94	0.67	CCS
LEN	0.53	0.88	0.36	0.84		0.88	0.79	0.62	0.85	0.57	LEN
PHM	0.58	0.85	0.45	0.97	0.88		0.85	0.68	0.94	0.61	PHM
BZH	0.63	0.66	0.54	0.84	0.79	0.85		0.61	0.73	0.62	BZH
DHI	0.92	0.56	0.72	0.7	0.62	0.68	0.61		0.69	0.94	DHI
MTH	0.63	0.91	0.49	0.94	0.85	0.94	0.73	0.69		0.69	MTH
TPH	0.97	0.53	0.83	0.67	0.57	0.61	0.62	0.94	0.69		TPH
	TMHC	KBH	MHO	CCS	LEN	PHM	BZH	DHI	MTH	TPH

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Risk-Adjusted Indicators

There is a big difference between Hovnanian Stock performing well and Hovnanian Enterprises Company doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Hovnanian Enterprises' multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
TMHC	1.69	(0.07)	0.00	0.16	1.75	(1.80)	4.52	(3.64)	9.51
KBH	1.83	(0.11)	(0.02)	0.12	2.08	(1.94)	4.02	(3.44)	8.51
MHO	1.81	0.31	0.03	(1.67)	2.03	(1.84)	4.02	(3.52)	9.75
CCS	1.99	(0.03)	0.02	0.18	2.18	(2.24)	4.30	(3.34)	11.30
LEN	1.70	(0.10)	(0.02)	0.12	1.94	(1.91)	3.95	(3.56)	9.04
PHM	1.65	0.04	0.04	0.24	1.65	(2.06)	3.97	(2.84)	8.78
BZH	2.04	0.22	0.11	0.38	2.04	(2.31)	5.28	(3.99)	14.51
DHI	1.82	0.08	0.07	0.27	1.72	(2.09)	3.86	(3.37)	9.97
MTH	1.97	(0.10)	(0.01)	0.13	2.23	(2.16)	4.76	(3.23)	10.83
TPH	1.58	0.00	0.04	0.21	1.61	(1.85)	4.60	(3.32)	8.80

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Hovnanian Enterprises Correlations

Hovnanian Enterprises Correlation With Market

Weak diversification

Moving together with Hovnanian Stock

Related Correlations Analysis

Risk-Adjusted Indicators

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