Correlation Between Citigroup and Apollo Sindoori
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By analyzing existing cross correlation between Citigroup and Apollo Sindoori Hotels, you can compare the effects of market volatilities on Citigroup and Apollo Sindoori 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 Apollo Sindoori. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citigroup and Apollo Sindoori.
Diversification Opportunities for Citigroup and Apollo Sindoori
0.23 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Citigroup and Apollo is 0.23. Overlapping area represents the amount of risk that can be diversified away by holding Citigroup and Apollo Sindoori Hotels in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Apollo Sindoori Hotels 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 Apollo Sindoori. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Apollo Sindoori Hotels has no effect on the direction of Citigroup i.e., Citigroup and Apollo Sindoori go up and down completely randomly.
Pair Corralation between Citigroup and Apollo Sindoori
Taking into account the 90-day investment horizon Citigroup is expected to generate 1.04 times more return on investment than Apollo Sindoori. However, Citigroup is 1.04 times more volatile than Apollo Sindoori Hotels. It trades about 0.24 of its potential returns per unit of risk. Apollo Sindoori Hotels is currently generating about -0.01 per unit of risk. If you would invest 6,245 in Citigroup on August 25, 2024 and sell it today you would earn a total of 739.00 from holding Citigroup or generate 11.83% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
Citigroup vs. Apollo Sindoori Hotels
Performance |
| Timeline |
| Citigroup |
| Apollo Sindoori Hotels |
Citigroup and Apollo Sindoori Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citigroup and Apollo Sindoori
The main advantage of trading using opposite Citigroup and Apollo Sindoori positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citigroup position performs unexpectedly, Apollo Sindoori 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 Apollo Sindoori will offset losses from the drop in Apollo Sindoori's long position.| Citigroup vs. JPMorgan Chase Co | Citigroup vs. Wells Fargo | Citigroup vs. Toronto Dominion Bank | Citigroup vs. Nu Holdings |
| Apollo Sindoori vs. Reliance Industries Limited | Apollo Sindoori vs. Life Insurance | Apollo Sindoori vs. Indian Oil | Apollo Sindoori vs. Oil Natural Gas |
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 Backtesting module to avoid under-diversification and over-optimization by backtesting your portfolios.
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