Correlation Between Citigroup and Boai NKY
Specify exactly 2 symbols:
By analyzing existing cross correlation between Citigroup and Boai NKY Pharmaceuticals, you can compare the effects of market volatilities on Citigroup and Boai NKY 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 Boai NKY. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citigroup and Boai NKY.
Diversification Opportunities for Citigroup and Boai NKY
Very poor diversification
The 3 months correlation between Citigroup and Boai is 0.83. Overlapping area represents the amount of risk that can be diversified away by holding Citigroup and Boai NKY Pharmaceuticals in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Boai NKY Pharmaceuticals 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 Boai NKY. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Boai NKY Pharmaceuticals has no effect on the direction of Citigroup i.e., Citigroup and Boai NKY go up and down completely randomly.
Pair Corralation between Citigroup and Boai NKY
Taking into account the 90-day investment horizon Citigroup is expected to generate 2.5 times less return on investment than Boai NKY. But when comparing it to its historical volatility, Citigroup is 2.62 times less risky than Boai NKY. It trades about 0.32 of its potential returns per unit of risk. Boai NKY Pharmaceuticals is currently generating about 0.31 of returns per unit of risk over similar time horizon. If you would invest 1,264 in Boai NKY Pharmaceuticals on September 5, 2024 and sell it today you would earn a total of 511.00 from holding Boai NKY Pharmaceuticals or generate 40.43% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 95.65% |
| Values | Daily Returns |
Citigroup vs. Boai NKY Pharmaceuticals
Performance |
| Timeline |
| Citigroup |
| Boai NKY Pharmaceuticals |
Citigroup and Boai NKY Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citigroup and Boai NKY
The main advantage of trading using opposite Citigroup and Boai NKY positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citigroup position performs unexpectedly, Boai NKY 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 Boai NKY will offset losses from the drop in Boai NKY's long position.| Citigroup vs. JPMorgan Chase Co | Citigroup vs. Wells Fargo | Citigroup vs. Toronto Dominion Bank | Citigroup vs. Nu Holdings |
| Boai NKY vs. Zijin Mining Group | Boai NKY vs. Wanhua Chemical Group | Boai NKY vs. Baoshan Iron Steel | Boai NKY vs. Rongsheng Petrochemical Co |
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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
Other Complementary Tools
| Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format | |
| Stocks Directory Find actively traded stocks across global markets | |
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments | |
| Bollinger Bands Use Bollinger Bands indicator to analyze target price for a given investing horizon | |
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device |