Hovnanian Enterprises Correlations

HOV Stock

USD 106.72 4.53 4.07%

The current 90-days correlation between Hovnanian Enterprises and KB Home is 0.72 (i.e., 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

Very weak diversification

The correlation between Hovnanian Enterprises and DJI is 0.44 (i.e., Very 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.

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

0.81	UA	Under Armour C	Pair Corr
0.79	BZH	Beazer Homes USA	Pair Corr
0.85	CCS	Century Communities	Pair Corr
0.88	KBH	KB Home	Pair Corr
0.86	KTB	Kontoor Brands	Pair Corr
0.76	MHO	MI Homes	Pair Corr
0.78	MTH	Meritage	Pair Corr
0.85	OXM	Oxford Industries Earnings Call This Week	Pair Corr
0.9	TPH	TRI Pointe Homes	Pair Corr
0.88	GIII	G III Apparel	Pair Corr
0.95	LGIH	LGI Homes	Pair Corr
0.88	LIVE	Live Ventures	Pair Corr
0.64	TMHC	Taylor Morn Home	Pair Corr
0.61	M	Macys Inc	Pair Corr
0.74	HD	Home Depot	Pair Corr
0.84	RH	RH Earnings Call This Week	Pair Corr
0.77	ETSY	Etsy Inc	Pair Corr
0.86	WING	Wingstop	Pair Corr
0.69	DDS	Dillards	Pair Corr
0.67	DKS	Dicks Sporting Goods	Pair Corr
0.79	XELB	Xcel Brands	Pair Corr
0.77	FND	Floor Decor Holdings	Pair Corr
0.75	LOW	Lowes Companies	Pair Corr
0.86	GLBE	Global E Online	Pair Corr
0.83	KIRK	Kirklands	Pair Corr

Moving against Hovnanian Stock

0.51	JD	JD Inc Adr	Pair Corr
0.77	YUM	Yum Brands	Pair Corr
0.69	NATH	Nathans Famous	Pair Corr
0.67	XOSWW	Xos Equity Warrants	Pair Corr
0.63	MCD	McDonalds	Pair Corr
0.6	MELI	MercadoLibre	Pair Corr
0.53	PDD	PDD Holdings Aggressive Push	Pair Corr
0.42	DRI	Darden Restaurants	Pair Corr

Related Correlations Analysis

	TMHC	KBH	MHO	CCS	LEN	PHM	BZH	DHI	MTH	TPH
TMHC		0.74	0.45	0.74	0.56	0.78	0.44	0.62	0.77	0.64	TMHC
KBH	0.74		0.86	0.93	0.94	0.95	0.81	0.93	0.95	0.93	KBH
MHO	0.45	0.86		0.79	0.96	0.85	0.93	0.9	0.87	0.81	MHO
CCS	0.74	0.93	0.79		0.88	0.87	0.71	0.81	0.9	0.84	CCS
LEN	0.56	0.94	0.96	0.88		0.9	0.89	0.93	0.92	0.87	LEN
PHM	0.78	0.95	0.85	0.87	0.9		0.79	0.96	0.96	0.89	PHM
BZH	0.44	0.81	0.93	0.71	0.89	0.79		0.84	0.81	0.79	BZH
DHI	0.62	0.93	0.9	0.81	0.93	0.96	0.84		0.93	0.89	DHI
MTH	0.77	0.95	0.87	0.9	0.92	0.96	0.81	0.93		0.85	MTH
TPH	0.64	0.93	0.81	0.84	0.87	0.89	0.79	0.89	0.85		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	Treynor Ratio	Potential Upside	Value @Risk	Maximum Drawdown
TMHC	1.54	(0.05)	(0.12)	3.35	(3.11)	8.18
KBH	1.48	(0.20)	(0.32)	3.40	(2.50)	9.30
MHO	1.66	(0.34)	(0.45)	2.61	(3.53)	10.34
CCS	1.73	(0.19)	(0.27)	4.10	(3.25)	8.95
LEN	1.59	(0.33)	(0.54)	2.76	(3.85)	8.30
PHM	1.51	(0.14)	(0.21)	3.08	(3.76)	8.96
BZH	2.26	(0.40)	(0.34)	3.76	(3.75)	24.99
DHI	1.59	(0.17)	(0.30)	3.04	(3.12)	8.43
MTH	1.63	(0.17)	(0.23)	2.80	(3.68)	8.89
TPH	1.62	(0.25)	(0.34)	3.08	(3.26)	14.22

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