Correlation Between Citigroup and Guangdong TianYiMa
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By analyzing existing cross correlation between Citigroup and Guangdong TianYiMa Information, you can compare the effects of market volatilities on Citigroup and Guangdong TianYiMa 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 Guangdong TianYiMa. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citigroup and Guangdong TianYiMa.
Diversification Opportunities for Citigroup and Guangdong TianYiMa
-0.24 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Citigroup and Guangdong is -0.24. Overlapping area represents the amount of risk that can be diversified away by holding Citigroup and Guangdong TianYiMa Information in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guangdong TianYiMa 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 Guangdong TianYiMa. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guangdong TianYiMa has no effect on the direction of Citigroup i.e., Citigroup and Guangdong TianYiMa go up and down completely randomly.
Pair Corralation between Citigroup and Guangdong TianYiMa
Taking into account the 90-day investment horizon Citigroup is expected to generate 0.6 times more return on investment than Guangdong TianYiMa. However, Citigroup is 1.67 times less risky than Guangdong TianYiMa. It trades about 0.42 of its potential returns per unit of risk. Guangdong TianYiMa Information is currently generating about -0.07 per unit of risk. If you would invest 7,039 in Citigroup on October 30, 2024 and sell it today you would earn a total of 1,068 from holding Citigroup or generate 15.17% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 90.0% |
| Values | Daily Returns |
Citigroup vs. Guangdong TianYiMa Information
Performance |
| Timeline |
| Citigroup |
| Guangdong TianYiMa |
Citigroup and Guangdong TianYiMa Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citigroup and Guangdong TianYiMa
The main advantage of trading using opposite Citigroup and Guangdong TianYiMa positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citigroup position performs unexpectedly, Guangdong TianYiMa 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 Guangdong TianYiMa will offset losses from the drop in Guangdong TianYiMa's long position.| Citigroup vs. JPMorgan Chase Co | Citigroup vs. Wells Fargo | Citigroup vs. Toronto Dominion Bank | Citigroup vs. Nu Holdings |
| Guangdong TianYiMa vs. Namchow Food Group | Guangdong TianYiMa vs. Youyou Foods Co | Guangdong TianYiMa vs. HaiXin Foods Co | Guangdong TianYiMa vs. CITIC Metal 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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.
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