Correlation Between Citigroup and COL Digital
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By analyzing existing cross correlation between Citigroup and COL Digital Publishing, you can compare the effects of market volatilities on Citigroup and COL Digital 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 COL Digital. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citigroup and COL Digital.
Diversification Opportunities for Citigroup and COL Digital
-0.45 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Citigroup and COL is -0.45. Overlapping area represents the amount of risk that can be diversified away by holding Citigroup and COL Digital Publishing in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on COL Digital Publishing 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 COL Digital. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of COL Digital Publishing has no effect on the direction of Citigroup i.e., Citigroup and COL Digital go up and down completely randomly.
Pair Corralation between Citigroup and COL Digital
Taking into account the 90-day investment horizon Citigroup is expected to generate 0.53 times more return on investment than COL Digital. However, Citigroup is 1.89 times less risky than COL Digital. It trades about 0.45 of its potential returns per unit of risk. COL Digital Publishing is currently generating about -0.17 per unit of risk. If you would invest 6,842 in Citigroup on October 20, 2024 and sell it today you would earn a total of 1,157 from holding Citigroup or generate 16.91% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 90.91% |
| Values | Daily Returns |
Citigroup vs. COL Digital Publishing
Performance |
| Timeline |
| Citigroup |
| COL Digital Publishing |
Citigroup and COL Digital Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citigroup and COL Digital
The main advantage of trading using opposite Citigroup and COL Digital positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citigroup position performs unexpectedly, COL Digital 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 COL Digital will offset losses from the drop in COL Digital's long position.| Citigroup vs. Bank of Montreal | Citigroup vs. Canadian Imperial Bank | Citigroup vs. Bank of Nova | Citigroup vs. JPMorgan Chase Co |
| COL Digital vs. Silkroad Visual Technology | COL Digital vs. Anhui Transport Consulting | COL Digital vs. Hengkang Medical Group | COL Digital vs. Zhongshan Public Utilities |
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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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