Correlation Between Beyond Meat and CITIGROUP
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By analyzing existing cross correlation between Beyond Meat and CITIGROUP INC 6625, you can compare the effects of market volatilities on Beyond Meat 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 Beyond Meat with a short position of CITIGROUP. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beyond Meat and CITIGROUP.
Diversification Opportunities for Beyond Meat and CITIGROUP
0.38 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Beyond and CITIGROUP is 0.38. Overlapping area represents the amount of risk that can be diversified away by holding Beyond Meat and CITIGROUP INC 6625 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CITIGROUP INC 6625 and Beyond Meat 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 Beyond Meat 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 INC 6625 has no effect on the direction of Beyond Meat i.e., Beyond Meat and CITIGROUP go up and down completely randomly.
Pair Corralation between Beyond Meat and CITIGROUP
Given the investment horizon of 90 days Beyond Meat is expected to under-perform the CITIGROUP. In addition to that, Beyond Meat is 5.67 times more volatile than CITIGROUP INC 6625. It trades about -0.04 of its total potential returns per unit of risk. CITIGROUP INC 6625 is currently generating about 0.01 per unit of volatility. If you would invest 10,619 in CITIGROUP INC 6625 on September 4, 2024 and sell it today you would earn a total of 134.00 from holding CITIGROUP INC 6625 or generate 1.26% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Beyond Meat vs. CITIGROUP INC 6625
Performance |
| Timeline |
| Beyond Meat |
| CITIGROUP INC 6625 |
Beyond Meat and CITIGROUP Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beyond Meat and CITIGROUP
The main advantage of trading using opposite Beyond Meat and CITIGROUP positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beyond Meat 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.| Beyond Meat vs. Kraft Heinz Co | Beyond Meat vs. Hormel Foods | Beyond Meat vs. Kellanova | Beyond Meat vs. General Mills |
| CITIGROUP vs. BBB Foods | CITIGROUP vs. The Joint Corp | CITIGROUP vs. Viemed Healthcare | CITIGROUP vs. Beyond Meat |
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 Pair Correlation module to compare performance and examine fundamental relationship between any two equity instruments.
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