Correlation Between Citigroup and Songcheng Performance
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By analyzing existing cross correlation between Citigroup and Songcheng Performance Develop, you can compare the effects of market volatilities on Citigroup and Songcheng Performance 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 Songcheng Performance. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citigroup and Songcheng Performance.
Diversification Opportunities for Citigroup and Songcheng Performance
0.6 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Citigroup and Songcheng is 0.6. Overlapping area represents the amount of risk that can be diversified away by holding Citigroup and Songcheng Performance Develop in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Songcheng Performance 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 Songcheng Performance. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Songcheng Performance has no effect on the direction of Citigroup i.e., Citigroup and Songcheng Performance go up and down completely randomly.
Pair Corralation between Citigroup and Songcheng Performance
Taking into account the 90-day investment horizon Citigroup is expected to generate 1.0 times more return on investment than Songcheng Performance. However, Citigroup is 1.0 times more volatile than Songcheng Performance Develop. It trades about 0.26 of its potential returns per unit of risk. Songcheng Performance Develop is currently generating about -0.04 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 | Significant |
| Accuracy | 95.45% |
| Values | Daily Returns |
Citigroup vs. Songcheng Performance Develop
Performance |
| Timeline |
| Citigroup |
| Songcheng Performance |
Citigroup and Songcheng Performance Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citigroup and Songcheng Performance
The main advantage of trading using opposite Citigroup and Songcheng Performance positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citigroup position performs unexpectedly, Songcheng Performance 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 Songcheng Performance will offset losses from the drop in Songcheng Performance's long position.| Citigroup vs. JPMorgan Chase Co | Citigroup vs. Wells Fargo | Citigroup vs. Toronto Dominion Bank | Citigroup vs. Nu Holdings |
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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 Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
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