Correlation Between Sociedad Minera and Citigroup
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By analyzing existing cross correlation between Sociedad Minera el and Citigroup, you can compare the effects of market volatilities on Sociedad Minera and Citigroup 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 Sociedad Minera with a short position of Citigroup. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sociedad Minera and Citigroup.
Diversification Opportunities for Sociedad Minera and Citigroup
-0.06 | Correlation Coefficient |
Good diversification
The 3 months correlation between Sociedad and Citigroup is -0.06. Overlapping area represents the amount of risk that can be diversified away by holding Sociedad Minera el and Citigroup in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Citigroup and Sociedad Minera 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 Sociedad Minera el are associated (or correlated) with Citigroup. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Citigroup has no effect on the direction of Sociedad Minera i.e., Sociedad Minera and Citigroup go up and down completely randomly.
Pair Corralation between Sociedad Minera and Citigroup
Assuming the 90 days trading horizon Sociedad Minera el is expected to generate 0.94 times more return on investment than Citigroup. However, Sociedad Minera el is 1.07 times less risky than Citigroup. It trades about 0.14 of its potential returns per unit of risk. Citigroup is currently generating about 0.08 per unit of risk. If you would invest 612.00 in Sociedad Minera el on August 30, 2024 and sell it today you would earn a total of 488.00 from holding Sociedad Minera el or generate 79.74% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 78.72% |
| Values | Daily Returns |
Sociedad Minera el vs. Citigroup
Performance |
| Timeline |
| Sociedad Minera el |
| Citigroup |
Sociedad Minera and Citigroup Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sociedad Minera and Citigroup
The main advantage of trading using opposite Sociedad Minera and Citigroup positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sociedad Minera position performs unexpectedly, Citigroup 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 Citigroup will offset losses from the drop in Citigroup's long position.| Sociedad Minera vs. Bank of America | Sociedad Minera vs. Citigroup | Sociedad Minera vs. Sociedad Minera Cerro |
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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
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