Correlation Between Citigroup and ACRO Biomedical
Can any of the company-specific risk be diversified away by investing in both Citigroup and ACRO Biomedical at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Citigroup and ACRO Biomedical into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Citigroup and ACRO Biomedical Co, you can compare the effects of market volatilities on Citigroup and ACRO Biomedical 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 ACRO Biomedical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citigroup and ACRO Biomedical.
Diversification Opportunities for Citigroup and ACRO Biomedical
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Citigroup and ACRO is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Citigroup and ACRO Biomedical Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ACRO Biomedical 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 ACRO Biomedical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ACRO Biomedical has no effect on the direction of Citigroup i.e., Citigroup and ACRO Biomedical go up and down completely randomly.
Pair Corralation between Citigroup and ACRO Biomedical
If you would invest 6,980 in Citigroup on September 12, 2024 and sell it today you would earn a total of 224.00 from holding Citigroup or generate 3.21% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
Citigroup vs. ACRO Biomedical Co
Performance |
| Timeline |
| Citigroup |
| ACRO Biomedical |
Citigroup and ACRO Biomedical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citigroup and ACRO Biomedical
The main advantage of trading using opposite Citigroup and ACRO Biomedical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citigroup position performs unexpectedly, ACRO Biomedical 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 ACRO Biomedical will offset losses from the drop in ACRO Biomedical's long position.| Citigroup vs. JPMorgan Chase Co | Citigroup vs. Wells Fargo | Citigroup vs. Toronto Dominion Bank | Citigroup vs. Nu Holdings |
| ACRO Biomedical vs. Acurx Pharmaceuticals LLC | ACRO Biomedical vs. Trevi Therapeutics | ACRO Biomedical vs. Xilio Development | ACRO Biomedical vs. Ikena Oncology |
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 Portfolio Comparator module to compare the composition, asset allocations and performance of any two portfolios in your account.
Other Complementary Tools
| Portfolio Backtesting Avoid under-diversification and over-optimization by backtesting your portfolios | |
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges | |
| Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities | |
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
| AI Portfolio Architect Use AI to generate optimal portfolios and find profitable investment opportunities |