Correlation Between Citigroup and Bingo Software
Specify exactly 2 symbols:
By analyzing existing cross correlation between Citigroup and Bingo Software Co, you can compare the effects of market volatilities on Citigroup and Bingo Software 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 Bingo Software. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citigroup and Bingo Software.
Diversification Opportunities for Citigroup and Bingo Software
0.74 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Citigroup and Bingo is 0.74. Overlapping area represents the amount of risk that can be diversified away by holding Citigroup and Bingo Software Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bingo Software 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 Bingo Software. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bingo Software has no effect on the direction of Citigroup i.e., Citigroup and Bingo Software go up and down completely randomly.
Pair Corralation between Citigroup and Bingo Software
Taking into account the 90-day investment horizon Citigroup is expected to generate 0.43 times more return on investment than Bingo Software. However, Citigroup is 2.34 times less risky than Bingo Software. It trades about 0.06 of its potential returns per unit of risk. Bingo Software Co is currently generating about 0.02 per unit of risk. If you would invest 4,790 in Citigroup on October 12, 2024 and sell it today you would earn a total of 2,536 from holding Citigroup or generate 52.94% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 96.36% |
| Values | Daily Returns |
Citigroup vs. Bingo Software Co
Performance |
| Timeline |
| Citigroup |
| Bingo Software |
Citigroup and Bingo Software Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citigroup and Bingo Software
The main advantage of trading using opposite Citigroup and Bingo Software positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citigroup position performs unexpectedly, Bingo Software 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 Bingo Software will offset losses from the drop in Bingo Software's long position.| Citigroup vs. JPMorgan Chase Co | Citigroup vs. Wells Fargo | Citigroup vs. Toronto Dominion Bank | Citigroup vs. Nu Holdings |
| Bingo Software vs. Jiahe Foods Industry | Bingo Software vs. Tianshan Aluminum Group | Bingo Software vs. CITIC Metal Co | Bingo Software vs. Great Sun Foods 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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
Other Complementary Tools
| Content Syndication Quickly integrate customizable finance content to your own investment portal | |
| Correlation Analysis Reduce portfolio risk simply by holding instruments which are not perfectly correlated | |
| Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency | |
| Price Transformation Use Price Transformation models to analyze the depth of different equity instruments across global markets | |
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. |