Correlation Between Citigroup and Zhuhai Bojay
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By analyzing existing cross correlation between Citigroup and Zhuhai Bojay Electronics, you can compare the effects of market volatilities on Citigroup and Zhuhai Bojay 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 Zhuhai Bojay. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citigroup and Zhuhai Bojay.
Diversification Opportunities for Citigroup and Zhuhai Bojay
0.43 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Citigroup and Zhuhai is 0.43. Overlapping area represents the amount of risk that can be diversified away by holding Citigroup and Zhuhai Bojay Electronics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Zhuhai Bojay Electronics 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 Zhuhai Bojay. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Zhuhai Bojay Electronics has no effect on the direction of Citigroup i.e., Citigroup and Zhuhai Bojay go up and down completely randomly.
Pair Corralation between Citigroup and Zhuhai Bojay
Taking into account the 90-day investment horizon Citigroup is expected to generate 0.4 times more return on investment than Zhuhai Bojay. However, Citigroup is 2.53 times less risky than Zhuhai Bojay. It trades about 0.03 of its potential returns per unit of risk. Zhuhai Bojay Electronics is currently generating about -0.23 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 Together |
| Strength | Weak |
| Accuracy | 90.48% |
| Values | Daily Returns |
Citigroup vs. Zhuhai Bojay Electronics
Performance |
| Timeline |
| Citigroup |
| Zhuhai Bojay Electronics |
Citigroup and Zhuhai Bojay Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citigroup and Zhuhai Bojay
The main advantage of trading using opposite Citigroup and Zhuhai Bojay positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citigroup position performs unexpectedly, Zhuhai Bojay 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 Zhuhai Bojay will offset losses from the drop in Zhuhai Bojay's long position.| Citigroup vs. Nu Holdings | Citigroup vs. Canadian Imperial Bank | Citigroup vs. Bank of Montreal | Citigroup vs. Bank of Nova |
| Zhuhai Bojay vs. Guangzhou Jointas Chemical | Zhuhai Bojay vs. Guizhou Chanhen Chemical | Zhuhai Bojay vs. Fiberhome Telecommunication Technologies | Zhuhai Bojay vs. Runjian Communication Co |
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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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