Correlation Between Citigroup and Angel One
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By analyzing existing cross correlation between Citigroup and Angel One Limited, you can compare the effects of market volatilities on Citigroup and Angel One 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 Angel One. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citigroup and Angel One.
Diversification Opportunities for Citigroup and Angel One
Very weak diversification
The 3 months correlation between Citigroup and Angel is 0.43. Overlapping area represents the amount of risk that can be diversified away by holding Citigroup and Angel One Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Angel One Limited 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 Angel One. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Angel One Limited has no effect on the direction of Citigroup i.e., Citigroup and Angel One go up and down completely randomly.
Pair Corralation between Citigroup and Angel One
Taking into account the 90-day investment horizon Citigroup is expected to generate 0.87 times more return on investment than Angel One. However, Citigroup is 1.15 times less risky than Angel One. It trades about 0.2 of its potential returns per unit of risk. Angel One Limited is currently generating about -0.03 per unit of risk. If you would invest 6,412 in Citigroup on August 30, 2024 and sell it today you would earn a total of 604.00 from holding Citigroup or generate 9.42% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 95.65% |
| Values | Daily Returns |
Citigroup vs. Angel One Limited
Performance |
| Timeline |
| Citigroup |
| Angel One Limited |
Citigroup and Angel One Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citigroup and Angel One
The main advantage of trading using opposite Citigroup and Angel One positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citigroup position performs unexpectedly, Angel One 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 Angel One will offset losses from the drop in Angel One's long position.| Citigroup vs. JPMorgan Chase Co | Citigroup vs. Wells Fargo | Citigroup vs. Toronto Dominion Bank | Citigroup vs. Nu Holdings |
| Angel One vs. Parag Milk Foods | Angel One vs. LT Foods Limited | Angel One vs. Dhampur Bio Organics | Angel One vs. Sintex Plastics Technology |
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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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