Correlation Between Citigroup and Fujian Rongji
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By analyzing existing cross correlation between Citigroup and Fujian Rongji Software, you can compare the effects of market volatilities on Citigroup and Fujian Rongji 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 Fujian Rongji. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citigroup and Fujian Rongji.
Diversification Opportunities for Citigroup and Fujian Rongji
-0.28 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Citigroup and Fujian is -0.28. Overlapping area represents the amount of risk that can be diversified away by holding Citigroup and Fujian Rongji Software in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fujian Rongji Software 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 Fujian Rongji. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fujian Rongji Software has no effect on the direction of Citigroup i.e., Citigroup and Fujian Rongji go up and down completely randomly.
Pair Corralation between Citigroup and Fujian Rongji
Taking into account the 90-day investment horizon Citigroup is expected to under-perform the Fujian Rongji. But the stock apears to be less risky and, when comparing its historical volatility, Citigroup is 2.7 times less risky than Fujian Rongji. The stock trades about -0.02 of its potential returns per unit of risk. The Fujian Rongji Software is currently generating about 0.44 of returns per unit of risk over similar time horizon. If you would invest 592.00 in Fujian Rongji Software on November 27, 2024 and sell it today you would earn a total of 191.00 from holding Fujian Rongji Software or generate 32.26% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 75.0% |
| Values | Daily Returns |
Citigroup vs. Fujian Rongji Software
Performance |
| Timeline |
| Citigroup |
| Fujian Rongji Software |
Citigroup and Fujian Rongji Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citigroup and Fujian Rongji
The main advantage of trading using opposite Citigroup and Fujian Rongji positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citigroup position performs unexpectedly, Fujian Rongji 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 Fujian Rongji will offset losses from the drop in Fujian Rongji's long position.| Citigroup vs. JPMorgan Chase Co | Citigroup vs. Wells Fargo | Citigroup vs. Toronto Dominion Bank | Citigroup vs. Nu Holdings |
| Fujian Rongji vs. Offshore Oil Engineering | Fujian Rongji vs. Anhui Huaren Health | Fujian Rongji vs. Humanwell Healthcare Group | Fujian Rongji vs. King Strong New Material |
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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
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