Heritage Insurance Correlations

HRTG Stock

USD 13.97 0.15 1.09%

The current 90-days correlation between Heritage Insurance Hldgs and Universal Insurance Holdings is 0.49 (i.e., Very weak diversification). The correlation of Heritage Insurance 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.

Heritage Insurance Correlation With Market

Modest diversification

The correlation between Heritage Insurance Hldgs and DJI is 0.25 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Heritage Insurance Hldgs 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 Heritage Insurance Hldgs. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in estimate.

Moving together with Heritage Stock

0.64	CB	Chubb Sell-off Trend	Pair Corr
0.75	ALL	Allstate	Pair Corr
0.81	BOW	Bowhead Specialty	Pair Corr
0.61	HMN	Horace Mann Educators	Pair Corr
0.66	PRA	ProAssurance Trending	Pair Corr
0.64	STC	Stewart Information	Pair Corr
0.61	THG	Hanover Insurance	Pair Corr
0.67	UVE	Universal Insurance	Pair Corr
0.64	ROOT	Root Inc Downward Rally	Pair Corr

Moving against Heritage Stock

0.37	HGTY	Hagerty	Pair Corr
0.71	CNFR	Conifer Holding Earnings Call This Week	Pair Corr
0.62	WRB-PF	WR Berkley	Pair Corr
0.55	CG	Carlyle Group Normal Trading	Pair Corr
0.49	BX	Blackstone Group	Pair Corr
0.49	CM	Canadian Imperial Bank	Pair Corr
0.39	BY	Byline Bancorp	Pair Corr
0.38	BN	Brookfield Corp Sell-off Trend	Pair Corr
0.37	FG	FG Annuities Life	Pair Corr

Related Correlations Analysis

	UVE	DGICB	HMN	NODK	HCI	KINS	UFCS	FNHCQ	CNFR
UVE		0.47	0.79	-0.33	0.66	-0.09	0.74	0.0	-0.58	UVE
DGICB	0.47		0.25	-0.16	0.47	-0.37	0.44	0.0	-0.49	DGICB
HMN	0.79	0.25		-0.5	0.66	0.27	0.42	0.0	-0.64	HMN
NODK	-0.33	-0.16	-0.5		-0.76	0.06	0.12	0.0	0.72	NODK
HCI	0.66	0.47	0.66	-0.76		-0.13	0.28	0.0	-0.84	HCI
KINS	-0.09	-0.37	0.27	0.06	-0.13		-0.27	0.0	0.05	KINS
UFCS	0.74	0.44	0.42	0.12	0.28	-0.27		0.0	-0.28	UFCS
FNHCQ	0.0	0.0	0.0	0.0	0.0	0.0	0.0		0.0	FNHCQ
CNFR	-0.58	-0.49	-0.64	0.72	-0.84	0.05	-0.28	0.0		CNFR
	UVE	DGICB	HMN	NODK	HCI	KINS	UFCS	FNHCQ	CNFR

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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

HMN	+ 0.79	UVE
UFCS	+ 0.74	UVE
CNFR	+ 0.72	NODK
HCI	+ 0.66	UVE
HCI	+ 0.66	HMN
DGICB	+ 0.47	UVE

High negative correlations

CNFR	- 0.84	HCI
HCI	- 0.76	NODK
CNFR	- 0.64	HMN
CNFR	- 0.58	UVE
NODK	- 0.5	HMN
CNFR	- 0.49	DGICB

Risk-Adjusted Indicators

There is a big difference between Heritage Stock performing well and Heritage Insurance 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 Heritage Insurance's 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
UVE	1.28	0.07	0.05	0.14	1.51	(1.37)	2.40	(2.38)	12.00
DGICB	2.47	0.16	0.04	0.60	2.80	(3.71)	5.68	(5.65)	17.15
HMN	1.22	0.08	0.04	0.10	1.74	(1.18)	2.19	(3.10)	9.56
NODK	1.18	(0.24)	0.00	0.83	0.00	0.00	2.11	(2.84)	9.93
HCI	1.48	0.35	0.20	0.41	1.53	(1.67)	3.62	(2.90)	10.37
KINS	3.60	0.12	0.03	0.05	4.56	(3.74)	6.71	(7.04)	28.69
UFCS	1.50	(0.07)	0.00	(0.08)	0.00	0.00	3.25	(3.68)	8.16
FNHCQ	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
CNFR	2.64	(0.78)	0.00	1.61	0.00	0.00	5.66	(6.67)	21.75

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