Correlation Between Citigroup and Myinvestor Indexado
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By analyzing existing cross correlation between Citigroup and Myinvestor Indexado Global, you can compare the effects of market volatilities on Citigroup and Myinvestor Indexado 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 Myinvestor Indexado. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citigroup and Myinvestor Indexado.
Diversification Opportunities for Citigroup and Myinvestor Indexado
0.87 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Citigroup and Myinvestor is 0.87. Overlapping area represents the amount of risk that can be diversified away by holding Citigroup and Myinvestor Indexado Global in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Myinvestor Indexado 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 Myinvestor Indexado. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Myinvestor Indexado has no effect on the direction of Citigroup i.e., Citigroup and Myinvestor Indexado go up and down completely randomly.
Pair Corralation between Citigroup and Myinvestor Indexado
Taking into account the 90-day investment horizon Citigroup is expected to generate 2.52 times more return on investment than Myinvestor Indexado. However, Citigroup is 2.52 times more volatile than Myinvestor Indexado Global. It trades about 0.27 of its potential returns per unit of risk. Myinvestor Indexado Global is currently generating about 0.36 per unit of risk. If you would invest 6,315 in Citigroup on September 2, 2024 and sell it today you would earn a total of 772.00 from holding Citigroup or generate 12.22% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 90.48% |
| Values | Daily Returns |
Citigroup vs. Myinvestor Indexado Global
Performance |
| Timeline |
| Citigroup |
| Myinvestor Indexado |
Citigroup and Myinvestor Indexado Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citigroup and Myinvestor Indexado
The main advantage of trading using opposite Citigroup and Myinvestor Indexado positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citigroup position performs unexpectedly, Myinvestor Indexado 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 Myinvestor Indexado will offset losses from the drop in Myinvestor Indexado's long position.| Citigroup vs. JPMorgan Chase Co | Citigroup vs. Wells Fargo | Citigroup vs. Toronto Dominion Bank | Citigroup vs. Nu Holdings |
| Myinvestor Indexado vs. Metrovacesa SA | Myinvestor Indexado vs. Elecnor SA | Myinvestor Indexado vs. Mapfre | Myinvestor Indexado vs. Amper SA |
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 Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
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