Correlation Between Citigroup and Cansino Biologics
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By analyzing existing cross correlation between Citigroup and Cansino Biologics, you can compare the effects of market volatilities on Citigroup and Cansino Biologics 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 Cansino Biologics. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citigroup and Cansino Biologics.
Diversification Opportunities for Citigroup and Cansino Biologics
0.86 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Citigroup and Cansino is 0.86. Overlapping area represents the amount of risk that can be diversified away by holding Citigroup and Cansino Biologics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cansino Biologics 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 Cansino Biologics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cansino Biologics has no effect on the direction of Citigroup i.e., Citigroup and Cansino Biologics go up and down completely randomly.
Pair Corralation between Citigroup and Cansino Biologics
Taking into account the 90-day investment horizon Citigroup is expected to generate 2.03 times less return on investment than Cansino Biologics. But when comparing it to its historical volatility, Citigroup is 2.7 times less risky than Cansino Biologics. It trades about 0.2 of its potential returns per unit of risk. Cansino Biologics is currently generating about 0.15 of returns per unit of risk over similar time horizon. If you would invest 5,581 in Cansino Biologics on August 30, 2024 and sell it today you would earn a total of 969.00 from holding Cansino Biologics or generate 17.36% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Citigroup vs. Cansino Biologics
Performance |
| Timeline |
| Citigroup |
| Cansino Biologics |
Citigroup and Cansino Biologics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citigroup and Cansino Biologics
The main advantage of trading using opposite Citigroup and Cansino Biologics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citigroup position performs unexpectedly, Cansino Biologics 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 Cansino Biologics will offset losses from the drop in Cansino Biologics' 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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
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