Correlation Between Citigroup and Hangzhou Xili
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By analyzing existing cross correlation between Citigroup and Hangzhou Xili Intelligent, you can compare the effects of market volatilities on Citigroup and Hangzhou Xili 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 Hangzhou Xili. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citigroup and Hangzhou Xili.
Diversification Opportunities for Citigroup and Hangzhou Xili
0.85 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Citigroup and Hangzhou is 0.85. Overlapping area represents the amount of risk that can be diversified away by holding Citigroup and Hangzhou Xili Intelligent in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hangzhou Xili Intelligent 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 Hangzhou Xili. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hangzhou Xili Intelligent has no effect on the direction of Citigroup i.e., Citigroup and Hangzhou Xili go up and down completely randomly.
Pair Corralation between Citigroup and Hangzhou Xili
Taking into account the 90-day investment horizon Citigroup is expected to generate 0.35 times more return on investment than Hangzhou Xili. However, Citigroup is 2.82 times less risky than Hangzhou Xili. It trades about 0.25 of its potential returns per unit of risk. Hangzhou Xili Intelligent is currently generating about 0.01 per unit of risk. If you would invest 6,902 in Citigroup on September 13, 2024 and sell it today you would earn a total of 294.00 from holding Citigroup or generate 4.26% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 91.3% |
| Values | Daily Returns |
Citigroup vs. Hangzhou Xili Intelligent
Performance |
| Timeline |
| Citigroup |
| Hangzhou Xili Intelligent |
Citigroup and Hangzhou Xili Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citigroup and Hangzhou Xili
The main advantage of trading using opposite Citigroup and Hangzhou Xili positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citigroup position performs unexpectedly, Hangzhou Xili 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 Hangzhou Xili will offset losses from the drop in Hangzhou Xili's long position.| Citigroup vs. JPMorgan Chase Co | Citigroup vs. Wells Fargo | Citigroup vs. Toronto Dominion Bank | Citigroup vs. Nu Holdings |
| Hangzhou Xili vs. Industrial and Commercial | Hangzhou Xili vs. Agricultural Bank of | Hangzhou Xili vs. China Construction Bank | Hangzhou Xili 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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.
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