Hanover Insurance Correlations

THG Stock

USD 172.51 0.00 0.00%

The current 90-days correlation between Hanover Insurance and Kemper is 0.82 (i.e., Very poor diversification). The correlation of Hanover 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.

Hanover Insurance Correlation With Market

Very weak diversification

The correlation between The Hanover Insurance and DJI is 0.42 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding The Hanover Insurance and DJI in the same portfolio, assuming nothing else is changed.

Check out World Market Map to better understand how to build diversified portfolios, which includes a position in The Hanover Insurance. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in rate.

Moving together with Hanover Stock

0.67	L	Loews Corp	Pair Corr
0.76	CB	Chubb	Pair Corr
0.76	ALL	Allstate	Pair Corr
0.63	CNA	CNA Financial	Pair Corr
0.87	HCI	HCI Group	Pair Corr
0.82	HMN	Horace Mann Educators	Pair Corr
0.72	MKL	Markel	Pair Corr
0.88	PGR	Progressive Corp	Pair Corr
0.85	TRV	The Travelers Companies	Pair Corr
0.71	UVE	Universal Insurance	Pair Corr
0.93	WRB	W R Berkley	Pair Corr
0.64	KMPR	Kemper	Pair Corr
0.7	SIGIP	Selective Insurance	Pair Corr
0.73	ALL-PJ	Allstate	Pair Corr
0.88	PLMR	Palomar Holdings	Pair Corr
0.9	ROOT	Root Inc Normal Trading	Pair Corr

Moving against Hanover Stock

0.67	NODK	NI Holdings	Pair Corr
0.58	AFG	American Financial	Pair Corr
0.32	RLI	RLI Corp	Pair Corr
0.8	CNFR	Conifer Holding Earnings Call This Week	Pair Corr
0.77	CM	Canadian Imperial Bank	Pair Corr
0.72	BX	Blackstone Group Normal Trading	Pair Corr
0.65	CG	Carlyle Group Normal Trading	Pair Corr
0.62	AX	Axos Financial	Pair Corr
0.53	SAFT	Safety Insurance	Pair Corr
0.49	DHIL	Diamond Hill Investment	Pair Corr
0.46	BN	Brookfield Corp	Pair Corr

Related Correlations Analysis

	HMN	KMPR	RLI	GBLI	ARGO-PA	NODK	DGICA	DGICB	WTM	CB
HMN		0.63	-0.03	-0.06	0.6	-0.32	0.79	0.16	-0.15	0.63	HMN
KMPR	0.63		-0.09	-0.04	0.39	-0.11	0.39	0.01	0.3	0.46	KMPR
RLI	-0.03	-0.09		0.07	-0.63	0.75	-0.08	0.11	0.44	-0.01	RLI
GBLI	-0.06	-0.04	0.07		-0.15	0.14	-0.05	-0.09	0.27	-0.03	GBLI
ARGO-PA	0.6	0.39	-0.63	-0.15		-0.82	0.78	0.29	-0.46	0.68	ARGO-PA
NODK	-0.32	-0.11	0.75	0.14	-0.82		-0.46	-0.17	0.65	-0.34	NODK
DGICA	0.79	0.39	-0.08	-0.05	0.78	-0.46		0.49	-0.28	0.9	DGICA
DGICB	0.16	0.01	0.11	-0.09	0.29	-0.17	0.49		0.01	0.57	DGICB
WTM	-0.15	0.3	0.44	0.27	-0.46	0.65	-0.28	0.01		-0.03	WTM
CB	0.63	0.46	-0.01	-0.03	0.68	-0.34	0.9	0.57	-0.03		CB
	HMN	KMPR	RLI	GBLI	ARGO-PA	NODK	DGICA	DGICB	WTM	CB

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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

CB	+ 0.9	DGICA
DGICA	+ 0.79	HMN
DGICA	+ 0.78	ARGO-PA
NODK	+ 0.75	RLI
CB	+ 0.68	ARGO-PA
WTM	+ 0.65	NODK

High negative correlations

NODK	- 0.82	ARGO-PA
ARGO-PA	- 0.63	RLI
DGICA	- 0.46	NODK
WTM	- 0.46	ARGO-PA
CB	- 0.34	NODK
NODK	- 0.32	HMN

Risk-Adjusted Indicators

There is a big difference between Hanover Stock performing well and Hanover 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 Hanover 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
HMN	1.26	0.08	0.05	0.02	1.81	(1.18)	2.19	(3.10)	9.56
KMPR	1.32	0.04	0.00	(0.02)	0.00	0.00	2.63	(2.58)	7.37
RLI	1.06	(0.14)	0.00	(0.38)	0.00	0.00	1.83	(2.00)	9.92
GBLI	1.32	(0.01)	0.04	(0.04)	1.62	(1.84)	4.00	(2.92)	9.40
ARGO-PA	0.12	0.03	0.67	1.09	0.00	(0.16)	0.25	(0.16)	0.65
NODK	1.16	(0.20)	0.00	(0.32)	0.00	0.00	2.11	(2.84)	9.93
DGICA	1.12	0.20	0.21	0.83	1.00	(1.42)	2.44	(1.98)	6.12
DGICB	2.39	0.31	0.08	0.84	2.62	(3.71)	5.68	(5.55)	17.15
WTM	1.04	(0.04)	0.00	(0.18)	0.00	0.00	2.45	(2.18)	6.59
CB	1.01	0.11	0.12	0.26	1.12	(1.07)	2.22	(1.85)	5.98

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