Correlation Between Citigroup and Kutxabank Bolsa
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By analyzing existing cross correlation between Citigroup and Kutxabank Bolsa Global, you can compare the effects of market volatilities on Citigroup and Kutxabank Bolsa 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 Kutxabank Bolsa. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citigroup and Kutxabank Bolsa.
Diversification Opportunities for Citigroup and Kutxabank Bolsa
0.76 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Citigroup and Kutxabank is 0.76. Overlapping area represents the amount of risk that can be diversified away by holding Citigroup and Kutxabank Bolsa Global in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kutxabank Bolsa Global 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 Kutxabank Bolsa. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kutxabank Bolsa Global has no effect on the direction of Citigroup i.e., Citigroup and Kutxabank Bolsa go up and down completely randomly.
Pair Corralation between Citigroup and Kutxabank Bolsa
Taking into account the 90-day investment horizon Citigroup is expected to generate 3.45 times more return on investment than Kutxabank Bolsa. However, Citigroup is 3.45 times more volatile than Kutxabank Bolsa Global. It trades about 0.12 of its potential returns per unit of risk. Kutxabank Bolsa Global is currently generating about 0.12 per unit of risk. If you would invest 4,364 in Citigroup on September 14, 2024 and sell it today you would earn a total of 2,737 from holding Citigroup or generate 62.72% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 98.53% |
| Values | Daily Returns |
Citigroup vs. Kutxabank Bolsa Global
Performance |
| Timeline |
| Citigroup |
| Kutxabank Bolsa Global |
Citigroup and Kutxabank Bolsa Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citigroup and Kutxabank Bolsa
The main advantage of trading using opposite Citigroup and Kutxabank Bolsa positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citigroup position performs unexpectedly, Kutxabank Bolsa 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 Kutxabank Bolsa will offset losses from the drop in Kutxabank Bolsa's long position.| Citigroup vs. JPMorgan Chase Co | Citigroup vs. Wells Fargo | Citigroup vs. Toronto Dominion Bank | Citigroup vs. Nu Holdings |
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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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
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