Hanesbrands Correlations

HBI Stock

USD 6.06 0.15 2.54%

The current 90-days correlation between Hanesbrands and Ralph Lauren Corp is 0.06 (i.e., Significant diversification). The correlation of Hanesbrands 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.

Hanesbrands Correlation With Market

Average diversification

The correlation between Hanesbrands and DJI is 0.16 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Hanesbrands and DJI in the same portfolio, assuming nothing else is changed.

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

For more detail on how to invest in Hanesbrands Stock please use our How to Invest in Hanesbrands guide.

Moving together with Hanesbrands Stock

0.8	BC	Brunswick	Pair Corr
0.85	UA	Under Armour C	Pair Corr
0.61	DOGZ	Dogness International	Pair Corr
0.91	DOOO	BRP Inc Earnings Call This Week	Pair Corr
0.9	VMAR	Vision Marine Techno	Pair Corr
0.76	WLDS	Wearable Devices	Pair Corr
0.69	EZGO	EZGO Technologies	Pair Corr
0.7	FEBO	Fenbo Holdings	Pair Corr
0.69	BLD	Topbuild Corp	Pair Corr
0.77	BZH	Beazer Homes USA	Pair Corr
0.67	CCS	Century Communities	Pair Corr
0.8	FOSL	Fossil Group	Pair Corr
0.84	CRI	Carters	Pair Corr
0.85	DHI	DR Horton	Pair Corr
0.8	DTC	Solo Brands	Pair Corr
0.79	HOV	Hovnanian Enterprises	Pair Corr
0.68	IBP	Installed Building	Pair Corr
0.76	KBH	KB Home	Pair Corr
0.79	KTB	Kontoor Brands	Pair Corr
0.77	LEN	Lennar	Pair Corr
0.76	MHO	MI Homes	Pair Corr
0.75	MPX	Marine Products	Pair Corr
0.71	MTH	Meritage	Pair Corr

Moving against Hanesbrands Stock

0.66	HAS	Hasbro Inc	Pair Corr
0.32	GIL	Gildan Activewear	Pair Corr
0.8	RGR	Sturm Ruger	Pair Corr
0.76	MAT	Mattel Inc	Pair Corr
0.66	TPR	Tapestry	Pair Corr
0.33	SKY	Skyline	Pair Corr

Related Correlations Analysis

	RL	LEVI	UA	PVH	UAA	VFC	COLM	KTB	GIII
RL		0.71	-0.38	-0.36	-0.42	0.79	0.22	0.19	-0.27	RL
LEVI	0.71		0.13	0.07	0.11	0.83	0.32	0.63	0.19	LEVI
UA	-0.38	0.13		0.86	1.0	0.09	0.39	0.71	0.89	UA
PVH	-0.36	0.07	0.86		0.86	0.1	0.36	0.71	0.93	PVH
UAA	-0.42	0.11	1.0	0.86		0.07	0.35	0.69	0.88	UAA
VFC	0.79	0.83	0.09	0.1	0.07		0.51	0.59	0.19	VFC
COLM	0.22	0.32	0.39	0.36	0.35	0.51		0.41	0.36	COLM
KTB	0.19	0.63	0.71	0.71	0.69	0.59	0.41		0.82	KTB
GIII	-0.27	0.19	0.89	0.93	0.88	0.19	0.36	0.82		GIII
	RL	LEVI	UA	PVH	UAA	VFC	COLM	KTB	GIII

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

UAA	+ 1.0	UA
GIII	+ 0.93	PVH
GIII	+ 0.89	UA
GIII	+ 0.88	UAA
PVH	+ 0.86	UA
UAA	+ 0.86	PVH

High negative correlations

UAA	- 0.42	RL
UA	- 0.38	RL
PVH	- 0.36	RL
GIII	- 0.27	RL

Risk-Adjusted Indicators

There is a big difference between Hanesbrands Stock performing well and Hanesbrands 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 Hanesbrands' 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	Treynor Ratio	Potential Upside	Value @Risk	Maximum Drawdown
RL	1.61	0.07	(0.03)	3.51	(3.67)	15.81
LEVI	1.57	(0.01)	(0.11)	4.02	(3.95)	9.12
UA	1.80	(0.49)	(1.24)	3.02	(4.75)	10.27
PVH	1.77	(0.69)	(0.89)	2.44	(4.80)	10.85
UAA	2.04	(0.56)	(1.79)	3.97	(5.56)	13.25
VFC	2.38	(0.24)	(0.30)	4.75	(6.94)	18.12
COLM	1.38	(0.15)	(0.44)	2.41	(3.37)	10.58
KTB	1.86	(0.41)	(0.55)	3.75	(3.96)	17.80
GIII	1.68	(0.35)	(0.52)	3.00	(3.92)	9.63

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