Correlation Between Citigroup and CI Global
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By analyzing existing cross correlation between Citigroup and CI Global Alpha, you can compare the effects of market volatilities on Citigroup and CI Global 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 CI Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citigroup and CI Global.
Diversification Opportunities for Citigroup and CI Global
Almost no diversification
The 3 months correlation between Citigroup and 0P000070HA is 0.93. Overlapping area represents the amount of risk that can be diversified away by holding Citigroup and CI Global Alpha in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CI Global Alpha 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 CI Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CI Global Alpha has no effect on the direction of Citigroup i.e., Citigroup and CI Global go up and down completely randomly.
Pair Corralation between Citigroup and CI Global
Taking into account the 90-day investment horizon Citigroup is expected to generate 1.3 times less return on investment than CI Global. In addition to that, Citigroup is 1.25 times more volatile than CI Global Alpha. It trades about 0.07 of its total potential returns per unit of risk. CI Global Alpha is currently generating about 0.12 per unit of volatility. If you would invest 8,405 in CI Global Alpha on September 1, 2024 and sell it today you would earn a total of 1,994 from holding CI Global Alpha or generate 23.72% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 99.21% |
| Values | Daily Returns |
Citigroup vs. CI Global Alpha
Performance |
| Timeline |
| Citigroup |
| CI Global Alpha |
Citigroup and CI Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citigroup and CI Global
The main advantage of trading using opposite Citigroup and CI Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citigroup position performs unexpectedly, CI Global 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 CI Global will offset losses from the drop in CI Global's long position.| Citigroup vs. JPMorgan Chase Co | Citigroup vs. Wells Fargo | Citigroup vs. Toronto Dominion Bank | Citigroup vs. Nu Holdings |
| CI Global vs. Fidelity Tactical High | CI Global vs. Global Healthcare Income | CI Global vs. CI Global Alpha | CI Global vs. Mawer Canadien obligations |
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 Stocks Directory module to find actively traded stocks across global markets.
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