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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Moving together with Hovnanian Stock
0.85 | BZH | Beazer Homes USA Earnings Call Next Week | PairCorr |
0.94 | CCS | Century Communities | PairCorr |
0.7 | DFH | Dream Finders Homes Earnings Call Next Week | PairCorr |
0.7 | DHI | DR Horton | PairCorr |
0.86 | IBP | Installed Building Earnings Call Next Week | PairCorr |
0.85 | KBH | KB Home | PairCorr |
0.87 | LEN | Lennar | PairCorr |
0.93 | MTH | Meritage | PairCorr |
0.9 | NVR | NVR Inc | PairCorr |
0.93 | PHM | PulteGroup | PairCorr |
0.82 | TOL | Toll Brothers | PairCorr |
0.72 | TPH | TRI Pointe Homes | PairCorr |
0.92 | GRBK | Green Brick Partners Earnings Call This Week | PairCorr |
0.67 | HOVNP | Hovnanian Enterprises PFD | PairCorr |
0.66 | ONEG | OneConstruction Group | PairCorr |
0.69 | TMHC | Taylor Morn Home | PairCorr |
0.81 | F | Ford Motor Earnings Call This Week | PairCorr |
0.72 | M | Macys Inc Earnings Call This Week | PairCorr |
0.73 | AN | AutoNation Earnings Call This Week | PairCorr |
0.63 | EM | Smart Share Global | PairCorr |
0.67 | GM | General Motors | PairCorr |
Related Correlations Analysis
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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 | 4.52 | 9.51 | |||
KBH | 1.83 | (0.11) | (0.02) | 0.12 | 2.08 | 4.02 | 8.51 | |||
MHO | 1.81 | 0.31 | 0.03 | (1.67) | 2.03 | 4.02 | 9.75 | |||
CCS | 1.99 | (0.03) | 0.02 | 0.18 | 2.18 | 4.30 | 11.30 | |||
LEN | 1.70 | (0.10) | (0.02) | 0.12 | 1.94 | 3.95 | 9.04 | |||
PHM | 1.65 | 0.04 | 0.04 | 0.24 | 1.65 | 3.97 | 8.78 | |||
BZH | 2.04 | 0.22 | 0.11 | 0.38 | 2.04 | 5.28 | 14.51 | |||
DHI | 1.82 | 0.08 | 0.07 | 0.27 | 1.72 | 3.86 | 9.97 | |||
MTH | 1.97 | (0.10) | (0.01) | 0.13 | 2.23 | 4.76 | 10.83 | |||
TPH | 1.58 | 0.00 | 0.04 | 0.21 | 1.61 | 4.60 | 8.80 |