Correlation Between Citigroup and Manulife Global
Specify exactly 2 symbols:
By analyzing existing cross correlation between Citigroup and Manulife Global Equity, you can compare the effects of market volatilities on Citigroup and Manulife 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 Manulife Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citigroup and Manulife Global.
Diversification Opportunities for Citigroup and Manulife Global
0.71 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Citigroup and Manulife is 0.71. Overlapping area represents the amount of risk that can be diversified away by holding Citigroup and Manulife Global Equity in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Manulife Global Equity 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 Manulife Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Manulife Global Equity has no effect on the direction of Citigroup i.e., Citigroup and Manulife Global go up and down completely randomly.
Pair Corralation between Citigroup and Manulife Global
Taking into account the 90-day investment horizon Citigroup is expected to generate 2.93 times more return on investment than Manulife Global. However, Citigroup is 2.93 times more volatile than Manulife Global Equity. It trades about 0.1 of its potential returns per unit of risk. Manulife Global Equity is currently generating about 0.08 per unit of risk. If you would invest 4,910 in Citigroup on September 14, 2024 and sell it today you would earn a total of 2,210 from holding Citigroup or generate 45.01% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 98.8% |
| Values | Daily Returns |
Citigroup vs. Manulife Global Equity
Performance |
| Timeline |
| Citigroup |
| Manulife Global Equity |
Citigroup and Manulife Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citigroup and Manulife Global
The main advantage of trading using opposite Citigroup and Manulife Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citigroup position performs unexpectedly, Manulife 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 Manulife Global will offset losses from the drop in Manulife Global's long position.| Citigroup vs. JPMorgan Chase Co | Citigroup vs. Wells Fargo | Citigroup vs. Toronto Dominion Bank | Citigroup vs. Nu Holdings |
| Manulife Global vs. Edgepoint Global Portfolio | Manulife Global vs. RBC Global Equity | Manulife Global vs. Invesco Global Companies | Manulife Global vs. TD Comfort Aggressive |
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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
Other Complementary Tools
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device | |
| Portfolio Comparator Compare the composition, asset allocations and performance of any two portfolios in your account | |
| CEOs Directory Screen CEOs from public companies around the world | |
| Portfolio Volatility Check portfolio volatility and analyze historical return density to properly model market risk | |
| Stocks Directory Find actively traded stocks across global markets |