Correlation Between Eyes On and Citizens
Can any of the company-specific risk be diversified away by investing in both Eyes On and Citizens at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Eyes On and Citizens into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Eyes On and Citizens, you can compare the effects of market volatilities on Eyes On and Citizens and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Eyes On with a short position of Citizens. Check out your portfolio center. Please also check ongoing floating volatility patterns of Eyes On and Citizens.
Diversification Opportunities for Eyes On and Citizens
Pay attention - limited upside
The 3 months correlation between Eyes and Citizens is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Eyes On and Citizens in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Citizens and Eyes On is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Eyes On are associated (or correlated) with Citizens. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Citizens has no effect on the direction of Eyes On i.e., Eyes On and Citizens go up and down completely randomly.
Pair Corralation between Eyes On and Citizens
If you would invest 231.00 in Citizens on September 3, 2024 and sell it today you would earn a total of 217.00 from holding Citizens or generate 93.94% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 18.49% |
| Values | Daily Returns |
Eyes On vs. Citizens
Performance |
| Timeline |
| Eyes On |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Citizens |
Eyes On and Citizens Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Eyes On and Citizens
The main advantage of trading using opposite Eyes On and Citizens positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Eyes On position performs unexpectedly, Citizens can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Citizens will offset losses from the drop in Citizens' long position.| Eyes On vs. Emerson Radio | Eyes On vs. Archrock | Eyes On vs. Cheniere Energy Partners | Eyes On vs. Antero Midstream Partners |
| Citizens vs. CNO Financial Group | Citizens vs. Brighthouse Financial | Citizens vs. FG Annuities Life | Citizens vs. Prudential Public Limited |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
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