Correlation Between Citigroup and Ping An
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By analyzing existing cross correlation between Citigroup and Ping An Bank, you can compare the effects of market volatilities on Citigroup and Ping An 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 Citigroup with a short position of Ping An. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citigroup and Ping An.
Diversification Opportunities for Citigroup and Ping An
Very good diversification
The 3 months correlation between Citigroup and Ping is -0.26. Overlapping area represents the amount of risk that can be diversified away by holding Citigroup and Ping An Bank in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ping An Bank and Citigroup 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 Citigroup are associated (or correlated) with Ping An. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ping An Bank has no effect on the direction of Citigroup i.e., Citigroup and Ping An go up and down completely randomly.
Pair Corralation between Citigroup and Ping An
Taking into account the 90-day investment horizon Citigroup is expected to under-perform the Ping An. In addition to that, Citigroup is 2.28 times more volatile than Ping An Bank. It trades about -0.04 of its total potential returns per unit of risk. Ping An Bank is currently generating about 0.04 per unit of volatility. If you would invest 1,147 in Ping An Bank on November 28, 2024 and sell it today you would earn a total of 5.00 from holding Ping An Bank or generate 0.44% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 77.27% |
| Values | Daily Returns |
Citigroup vs. Ping An Bank
Performance |
| Timeline |
| Citigroup |
| Ping An Bank |
Citigroup and Ping An Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citigroup and Ping An
The main advantage of trading using opposite Citigroup and Ping An positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citigroup position performs unexpectedly, Ping An 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 Ping An will offset losses from the drop in Ping An's long position.| Citigroup vs. JPMorgan Chase Co | Citigroup vs. Wells Fargo | Citigroup vs. Toronto Dominion Bank | Citigroup vs. Nu Holdings |
| Ping An vs. Will Semiconductor Co | Ping An vs. Jiangsu Broadcasting Cable | Ping An vs. Sichuan Fulin Transportation | Ping An vs. Shaanxi Broadcast TV |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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