Correlation Between Citigroup and Astralis
Can any of the company-specific risk be diversified away by investing in both Citigroup and Astralis 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 Astralis into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Citigroup and Astralis AS, you can compare the effects of market volatilities on Citigroup and Astralis 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 Astralis. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citigroup and Astralis.
Diversification Opportunities for Citigroup and Astralis
Pay attention - limited upside
The 3 months correlation between Citigroup and Astralis is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Citigroup and Astralis AS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Astralis AS 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 Astralis. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Astralis AS has no effect on the direction of Citigroup i.e., Citigroup and Astralis go up and down completely randomly.
Pair Corralation between Citigroup and Astralis
If you would invest 6,122 in Citigroup on August 26, 2024 and sell it today you would earn a total of 862.00 from holding Citigroup or generate 14.08% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 4.55% |
| Values | Daily Returns |
Citigroup vs. Astralis AS
Performance |
| Timeline |
| Citigroup |
| Astralis AS |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Citigroup and Astralis Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citigroup and Astralis
The main advantage of trading using opposite Citigroup and Astralis positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citigroup position performs unexpectedly, Astralis 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 Astralis will offset losses from the drop in Astralis' long position.| Citigroup vs. Toronto Dominion Bank | Citigroup vs. Nu Holdings | Citigroup vs. HSBC Holdings PLC | Citigroup vs. Bank of Montreal |
| Astralis vs. New Wave Holdings | Astralis vs. Guild Esports Plc | Astralis vs. Network Media Group | Astralis vs. Celtic plc |
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 Pair Correlation module to compare performance and examine fundamental relationship between any two equity instruments.
Other Complementary Tools
| Commodity Directory Find actively traded commodities issued by global exchanges | |
| Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format | |
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
| Portfolio Volatility Check portfolio volatility and analyze historical return density to properly model market risk | |
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges |