Correlation Between Citigroup and SPASX 300
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By analyzing existing cross correlation between Citigroup and SPASX 300 Media, you can compare the effects of market volatilities on Citigroup and SPASX 300 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 SPASX 300. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citigroup and SPASX 300.
Diversification Opportunities for Citigroup and SPASX 300
Almost no diversification
The 3 months correlation between Citigroup and SPASX is 0.93. Overlapping area represents the amount of risk that can be diversified away by holding Citigroup and SPASX 300 Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SPASX 300 Media 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 SPASX 300. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SPASX 300 Media has no effect on the direction of Citigroup i.e., Citigroup and SPASX 300 go up and down completely randomly.
Pair Corralation between Citigroup and SPASX 300
Taking into account the 90-day investment horizon Citigroup is expected to generate 1.42 times more return on investment than SPASX 300. However, Citigroup is 1.42 times more volatile than SPASX 300 Media. It trades about 0.08 of its potential returns per unit of risk. SPASX 300 Media is currently generating about 0.08 per unit of risk. If you would invest 4,091 in Citigroup on September 14, 2024 and sell it today you would earn a total of 3,029 from holding Citigroup or generate 74.04% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 99.4% |
| Values | Daily Returns |
Citigroup vs. SPASX 300 Media
Performance |
| Timeline |
Citigroup and SPASX 300 Volatility Contrast
Predicted Return Density |
| Returns |
Citigroup
Pair trading matchups for Citigroup
SPASX 300 Media
Pair trading matchups for SPASX 300
Pair Trading with Citigroup and SPASX 300
The main advantage of trading using opposite Citigroup and SPASX 300 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citigroup position performs unexpectedly, SPASX 300 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 SPASX 300 will offset losses from the drop in SPASX 300's long position.| Citigroup vs. JPMorgan Chase Co | Citigroup vs. Wells Fargo | Citigroup vs. Toronto Dominion Bank | Citigroup vs. Nu Holdings |
| SPASX 300 vs. Charter Hall Retail | SPASX 300 vs. Health and Plant | SPASX 300 vs. Apiam Animal Health | SPASX 300 vs. Healthco Healthcare and |
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.
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