Correlation Between Citigroup and Omnijoi Media
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By analyzing existing cross correlation between Citigroup and Omnijoi Media Corp, you can compare the effects of market volatilities on Citigroup and Omnijoi Media 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 Omnijoi Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citigroup and Omnijoi Media.
Diversification Opportunities for Citigroup and Omnijoi Media
0.82 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Citigroup and Omnijoi is 0.82. Overlapping area represents the amount of risk that can be diversified away by holding Citigroup and Omnijoi Media Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Omnijoi Media Corp 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 Omnijoi Media. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Omnijoi Media Corp has no effect on the direction of Citigroup i.e., Citigroup and Omnijoi Media go up and down completely randomly.
Pair Corralation between Citigroup and Omnijoi Media
Taking into account the 90-day investment horizon Citigroup is expected to generate 1.39 times less return on investment than Omnijoi Media. But when comparing it to its historical volatility, Citigroup is 1.97 times less risky than Omnijoi Media. It trades about 0.26 of its potential returns per unit of risk. Omnijoi Media Corp is currently generating about 0.18 of returns per unit of risk over similar time horizon. If you would invest 850.00 in Omnijoi Media Corp on September 1, 2024 and sell it today you would earn a total of 133.00 from holding Omnijoi Media Corp or generate 15.65% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 95.45% |
| Values | Daily Returns |
Citigroup vs. Omnijoi Media Corp
Performance |
| Timeline |
| Citigroup |
| Omnijoi Media Corp |
Citigroup and Omnijoi Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citigroup and Omnijoi Media
The main advantage of trading using opposite Citigroup and Omnijoi Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citigroup position performs unexpectedly, Omnijoi Media 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 Omnijoi Media will offset losses from the drop in Omnijoi Media's long position.| Citigroup vs. JPMorgan Chase Co | Citigroup vs. Wells Fargo | Citigroup vs. Toronto Dominion Bank | Citigroup vs. Nu Holdings |
| Omnijoi Media vs. Lutian Machinery Co | Omnijoi Media vs. China Longyuan Power | Omnijoi Media vs. PetroChina Co Ltd | Omnijoi Media vs. Bank of China |
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 Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
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