Correlation Between Citigroup and Yes Optoelectronics
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By analyzing existing cross correlation between Citigroup and Yes Optoelectronics Co, you can compare the effects of market volatilities on Citigroup and Yes Optoelectronics 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 Yes Optoelectronics. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citigroup and Yes Optoelectronics.
Diversification Opportunities for Citigroup and Yes Optoelectronics
-0.1 | Correlation Coefficient |
Good diversification
The 3 months correlation between Citigroup and Yes is -0.1. Overlapping area represents the amount of risk that can be diversified away by holding Citigroup and Yes Optoelectronics Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Yes Optoelectronics 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 Yes Optoelectronics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yes Optoelectronics has no effect on the direction of Citigroup i.e., Citigroup and Yes Optoelectronics go up and down completely randomly.
Pair Corralation between Citigroup and Yes Optoelectronics
Taking into account the 90-day investment horizon Citigroup is expected to generate 0.29 times more return on investment than Yes Optoelectronics. However, Citigroup is 3.44 times less risky than Yes Optoelectronics. It trades about 0.0 of its potential returns per unit of risk. Yes Optoelectronics Co is currently generating about -0.21 per unit of risk. If you would invest 7,149 in Citigroup on October 15, 2024 and sell it today you would lose (9.00) from holding Citigroup or give up 0.13% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 90.0% |
| Values | Daily Returns |
Citigroup vs. Yes Optoelectronics Co
Performance |
| Timeline |
| Citigroup |
| Yes Optoelectronics |
Citigroup and Yes Optoelectronics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citigroup and Yes Optoelectronics
The main advantage of trading using opposite Citigroup and Yes Optoelectronics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citigroup position performs unexpectedly, Yes Optoelectronics 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 Yes Optoelectronics will offset losses from the drop in Yes Optoelectronics' long position.| Citigroup vs. Nu Holdings | Citigroup vs. Canadian Imperial Bank | Citigroup vs. Bank of Montreal | Citigroup vs. Bank of Nova |
| Yes Optoelectronics vs. Sihui Fuji Electronics | Yes Optoelectronics vs. Shengda Mining Co | Yes Optoelectronics vs. Hainan Mining Co | Yes Optoelectronics vs. Integrated Electronic Systems |
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 Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.
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