Correlation Between Citigroup and Ninepoint Energy
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By analyzing existing cross correlation between Citigroup and Ninepoint Energy, you can compare the effects of market volatilities on Citigroup and Ninepoint Energy 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 Ninepoint Energy. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citigroup and Ninepoint Energy.
Diversification Opportunities for Citigroup and Ninepoint Energy
0.54 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Citigroup and Ninepoint is 0.54. Overlapping area represents the amount of risk that can be diversified away by holding Citigroup and Ninepoint Energy in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ninepoint Energy 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 Ninepoint Energy. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ninepoint Energy has no effect on the direction of Citigroup i.e., Citigroup and Ninepoint Energy go up and down completely randomly.
Pair Corralation between Citigroup and Ninepoint Energy
Taking into account the 90-day investment horizon Citigroup is expected to generate 1.59 times more return on investment than Ninepoint Energy. However, Citigroup is 1.59 times more volatile than Ninepoint Energy. It trades about 0.26 of its potential returns per unit of risk. Ninepoint Energy is currently generating about 0.19 per unit of risk. If you would invest 6,361 in Citigroup on September 1, 2024 and sell it today you would earn a total of 726.00 from holding Citigroup or generate 11.41% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
Citigroup vs. Ninepoint Energy
Performance |
| Timeline |
| Citigroup |
| Ninepoint Energy |
Citigroup and Ninepoint Energy Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citigroup and Ninepoint Energy
The main advantage of trading using opposite Citigroup and Ninepoint Energy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citigroup position performs unexpectedly, Ninepoint Energy 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 Ninepoint Energy will offset losses from the drop in Ninepoint Energy's long position.| Citigroup vs. JPMorgan Chase Co | Citigroup vs. Wells Fargo | Citigroup vs. Toronto Dominion Bank | Citigroup vs. Nu Holdings |
| Ninepoint Energy vs. Fidelity Tactical High | Ninepoint Energy vs. Global Healthcare Income | Ninepoint Energy vs. CI Global Alpha | Ninepoint Energy vs. CI Global Alpha |
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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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