Correlation Between Citigroup and Aryx Therapeutics
Can any of the company-specific risk be diversified away by investing in both Citigroup and Aryx Therapeutics 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 Aryx Therapeutics into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Citigroup and Aryx Therapeutics I, you can compare the effects of market volatilities on Citigroup and Aryx Therapeutics 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 Aryx Therapeutics. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citigroup and Aryx Therapeutics.
Diversification Opportunities for Citigroup and Aryx Therapeutics
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Citigroup and Aryx is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Citigroup and Aryx Therapeutics I in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Aryx Therapeutics 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 Aryx Therapeutics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Aryx Therapeutics has no effect on the direction of Citigroup i.e., Citigroup and Aryx Therapeutics go up and down completely randomly.
Pair Corralation between Citigroup and Aryx Therapeutics
If you would invest 4,134 in Citigroup on August 30, 2024 and sell it today you would earn a total of 2,882 from holding Citigroup or generate 69.71% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 8.28% |
| Values | Daily Returns |
Citigroup vs. Aryx Therapeutics I
Performance |
| Timeline |
| Citigroup |
| Aryx Therapeutics |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Citigroup and Aryx Therapeutics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citigroup and Aryx Therapeutics
The main advantage of trading using opposite Citigroup and Aryx Therapeutics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citigroup position performs unexpectedly, Aryx Therapeutics 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 Aryx Therapeutics will offset losses from the drop in Aryx Therapeutics' long position.| Citigroup vs. JPMorgan Chase Co | Citigroup vs. Wells Fargo | Citigroup vs. Toronto Dominion Bank | Citigroup vs. Nu Holdings |
| Aryx Therapeutics vs. Medicure | Aryx Therapeutics vs. Creative Edge Nutrit | Aryx Therapeutics vs. OWC Pharmaceutical Research | Aryx Therapeutics vs. Ascend Wellness Holdings |
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 Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
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