Correlation Between Citigroup and Columbia Smallmid
Can any of the company-specific risk be diversified away by investing in both Citigroup and Columbia Smallmid 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 Columbia Smallmid into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Citigroup and Columbia Smallmid Cap, you can compare the effects of market volatilities on Citigroup and Columbia Smallmid 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 Columbia Smallmid. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citigroup and Columbia Smallmid.
Diversification Opportunities for Citigroup and Columbia Smallmid
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Citigroup and Columbia is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Citigroup and Columbia Smallmid Cap in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Columbia Smallmid Cap 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 Columbia Smallmid. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Columbia Smallmid Cap has no effect on the direction of Citigroup i.e., Citigroup and Columbia Smallmid go up and down completely randomly.
Pair Corralation between Citigroup and Columbia Smallmid
If you would invest 6,235 in Citigroup on September 4, 2024 and sell it today you would earn a total of 904.00 from holding Citigroup or generate 14.5% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Citigroup vs. Columbia Smallmid Cap
Performance |
| Timeline |
| Citigroup |
| Columbia Smallmid Cap |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Citigroup and Columbia Smallmid Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citigroup and Columbia Smallmid
The main advantage of trading using opposite Citigroup and Columbia Smallmid positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citigroup position performs unexpectedly, Columbia Smallmid 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 Columbia Smallmid will offset losses from the drop in Columbia Smallmid's long position.| Citigroup vs. JPMorgan Chase Co | Citigroup vs. Wells Fargo | Citigroup vs. Toronto Dominion Bank | Citigroup vs. Nu Holdings |
| Columbia Smallmid vs. Artisan Small Cap | Columbia Smallmid vs. The Hartford Small | Columbia Smallmid vs. Champlain Small | Columbia Smallmid vs. Qs Small Capitalization |
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 Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
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