Correlation Between Citigroup and Bingshan Refrigeration
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By analyzing existing cross correlation between Citigroup and Bingshan Refrigeration and, you can compare the effects of market volatilities on Citigroup and Bingshan Refrigeration 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 Bingshan Refrigeration. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citigroup and Bingshan Refrigeration.
Diversification Opportunities for Citigroup and Bingshan Refrigeration
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Citigroup and Bingshan is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Citigroup and Bingshan Refrigeration and in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bingshan Refrigeration 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 Bingshan Refrigeration. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bingshan Refrigeration has no effect on the direction of Citigroup i.e., Citigroup and Bingshan Refrigeration go up and down completely randomly.
Pair Corralation between Citigroup and Bingshan Refrigeration
If you would invest 4,300 in Citigroup on December 27, 2024 and sell it today you would earn a total of 3,024 from holding Citigroup or generate 70.33% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.2% |
| Values | Daily Returns |
Citigroup vs. Bingshan Refrigeration and
Performance |
| Timeline |
| Citigroup |
| Bingshan Refrigeration |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
Citigroup and Bingshan Refrigeration Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citigroup and Bingshan Refrigeration
The main advantage of trading using opposite Citigroup and Bingshan Refrigeration positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citigroup position performs unexpectedly, Bingshan Refrigeration 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 Bingshan Refrigeration will offset losses from the drop in Bingshan Refrigeration's long position.| Citigroup vs. PJT Partners | Citigroup vs. National Bank Holdings | Citigroup vs. FB Financial Corp | Citigroup vs. Northrim BanCorp |
| Bingshan Refrigeration vs. Shanghai Rongtai Health | Bingshan Refrigeration vs. China Reform Health | Bingshan Refrigeration vs. Wangneng Environment Co | Bingshan Refrigeration vs. Hang Xiao Steel |
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.
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