Correlation Between Citigroup and By Health
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By analyzing existing cross correlation between Citigroup and By health, you can compare the effects of market volatilities on Citigroup and By Health 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 By Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citigroup and By Health.
Diversification Opportunities for Citigroup and By Health
Very weak diversification
The 3 months correlation between Citigroup and 300146 is 0.51. Overlapping area represents the amount of risk that can be diversified away by holding Citigroup and By health in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on By health 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 By Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of By health has no effect on the direction of Citigroup i.e., Citigroup and By Health go up and down completely randomly.
Pair Corralation between Citigroup and By Health
Taking into account the 90-day investment horizon Citigroup is expected to generate 1.01 times more return on investment than By Health. However, Citigroup is 1.01 times more volatile than By health. It trades about 0.26 of its potential returns per unit of risk. By health is currently generating about -0.03 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 | Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
Citigroup vs. By health
Performance |
| Timeline |
| Citigroup |
| By health |
Citigroup and By Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citigroup and By Health
The main advantage of trading using opposite Citigroup and By Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citigroup position performs unexpectedly, By Health 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 By Health will offset losses from the drop in By Health's long position.| Citigroup vs. JPMorgan Chase Co | Citigroup vs. Wells Fargo | Citigroup vs. Toronto Dominion Bank | Citigroup vs. Nu Holdings |
| By Health vs. Niutech Environment Technology | By Health vs. Anhui Transport Consulting | By Health vs. Jiujiang Shanshui Technology | By Health vs. Western Superconducting Tech |
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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
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