Correlation Between Citigroup and Yunnan Chuangxin
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By analyzing existing cross correlation between Citigroup and Yunnan Chuangxin New, you can compare the effects of market volatilities on Citigroup and Yunnan Chuangxin 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 Yunnan Chuangxin. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citigroup and Yunnan Chuangxin.
Diversification Opportunities for Citigroup and Yunnan Chuangxin
-0.03 | Correlation Coefficient |
Good diversification
The 3 months correlation between Citigroup and Yunnan is -0.03. Overlapping area represents the amount of risk that can be diversified away by holding Citigroup and Yunnan Chuangxin New in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Yunnan Chuangxin New 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 Yunnan Chuangxin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yunnan Chuangxin New has no effect on the direction of Citigroup i.e., Citigroup and Yunnan Chuangxin go up and down completely randomly.
Pair Corralation between Citigroup and Yunnan Chuangxin
Taking into account the 90-day investment horizon Citigroup is expected to generate 1.01 times more return on investment than Yunnan Chuangxin. However, Citigroup is 1.01 times more volatile than Yunnan Chuangxin New. It trades about 0.03 of its potential returns per unit of risk. Yunnan Chuangxin New is currently generating about -0.59 per unit of risk. If you would invest 7,101 in Citigroup on October 14, 2024 and sell it today you would earn a total of 39.00 from holding Citigroup or generate 0.55% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 90.48% |
| Values | Daily Returns |
Citigroup vs. Yunnan Chuangxin New
Performance |
| Timeline |
| Citigroup |
| Yunnan Chuangxin New |
Citigroup and Yunnan Chuangxin Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citigroup and Yunnan Chuangxin
The main advantage of trading using opposite Citigroup and Yunnan Chuangxin positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citigroup position performs unexpectedly, Yunnan Chuangxin 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 Yunnan Chuangxin will offset losses from the drop in Yunnan Chuangxin's long position.| Citigroup vs. Nu Holdings | Citigroup vs. Canadian Imperial Bank | Citigroup vs. Bank of Montreal | Citigroup vs. Bank of Nova |
| Yunnan Chuangxin vs. Pengxin International Mining | Yunnan Chuangxin vs. Zhengzhou Coal Mining | Yunnan Chuangxin vs. Xinhua Winshare Publishing | Yunnan Chuangxin vs. Changjiang Publishing Media |
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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
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