Correlation Between Citigroup and RBC Sciences
Specify exactly 2 symbols:
By analyzing existing cross correlation between Citigroup and RBC sciences biologiques, you can compare the effects of market volatilities on Citigroup and RBC Sciences 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 RBC Sciences. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citigroup and RBC Sciences.
Diversification Opportunities for Citigroup and RBC Sciences
0.78 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Citigroup and RBC is 0.78. Overlapping area represents the amount of risk that can be diversified away by holding Citigroup and RBC sciences biologiques in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on RBC sciences biologiques 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 RBC Sciences. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of RBC sciences biologiques has no effect on the direction of Citigroup i.e., Citigroup and RBC Sciences go up and down completely randomly.
Pair Corralation between Citigroup and RBC Sciences
Taking into account the 90-day investment horizon Citigroup is expected to generate 2.03 times more return on investment than RBC Sciences. However, Citigroup is 2.03 times more volatile than RBC sciences biologiques. It trades about 0.11 of its potential returns per unit of risk. RBC sciences biologiques is currently generating about 0.13 per unit of risk. If you would invest 6,134 in Citigroup on August 29, 2024 and sell it today you would earn a total of 841.00 from holding Citigroup or generate 13.71% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 96.88% |
| Values | Daily Returns |
Citigroup vs. RBC sciences biologiques
Performance |
| Timeline |
| Citigroup |
| RBC sciences biologiques |
Citigroup and RBC Sciences Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citigroup and RBC Sciences
The main advantage of trading using opposite Citigroup and RBC Sciences positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citigroup position performs unexpectedly, RBC Sciences 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 RBC Sciences will offset losses from the drop in RBC Sciences' long position.| Citigroup vs. JPMorgan Chase Co | Citigroup vs. Wells Fargo | Citigroup vs. Toronto Dominion Bank | Citigroup vs. Nu Holdings |
| RBC Sciences vs. PHN Canadian Equity | RBC Sciences vs. Manulife Global Equity | RBC Sciences vs. Fidelity Global Equity | RBC Sciences vs. Mawer Global Equity |
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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
Other Complementary Tools
| Price Transformation Use Price Transformation models to analyze the depth of different equity instruments across global markets | |
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
| Money Managers Screen money managers from public funds and ETFs managed around the world | |
| Watchlist Optimization Optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm | |
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities |