Correlation Between Citigroup and Briacell Therapeutics
Can any of the company-specific risk be diversified away by investing in both Citigroup and Briacell 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 Briacell Therapeutics into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Citigroup and Briacell Therapeutics Corp, you can compare the effects of market volatilities on Citigroup and Briacell 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 Briacell Therapeutics. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citigroup and Briacell Therapeutics.
Diversification Opportunities for Citigroup and Briacell Therapeutics
-0.68 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Citigroup and Briacell is -0.68. Overlapping area represents the amount of risk that can be diversified away by holding Citigroup and Briacell Therapeutics Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Briacell 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 Briacell Therapeutics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Briacell Therapeutics has no effect on the direction of Citigroup i.e., Citigroup and Briacell Therapeutics go up and down completely randomly.
Pair Corralation between Citigroup and Briacell Therapeutics
Taking into account the 90-day investment horizon Citigroup is expected to generate 0.18 times more return on investment than Briacell Therapeutics. However, Citigroup is 5.46 times less risky than Briacell Therapeutics. It trades about -0.04 of its potential returns per unit of risk. Briacell Therapeutics Corp is currently generating about -0.12 per unit of risk. If you would invest 8,051 in Citigroup on November 28, 2024 and sell it today you would lose (144.00) from holding Citigroup or give up 1.79% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Citigroup vs. Briacell Therapeutics Corp
Performance |
| Timeline |
| Citigroup |
| Briacell Therapeutics |
Citigroup and Briacell Therapeutics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citigroup and Briacell Therapeutics
The main advantage of trading using opposite Citigroup and Briacell Therapeutics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citigroup position performs unexpectedly, Briacell 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 Briacell Therapeutics will offset losses from the drop in Briacell Therapeutics' long position.| Citigroup vs. JPMorgan Chase Co | Citigroup vs. Wells Fargo | Citigroup vs. Toronto Dominion Bank | Citigroup vs. Nu Holdings |
| Briacell Therapeutics vs. X4 Pharmaceuticals | Briacell Therapeutics vs. Terns Pharmaceuticals | Briacell Therapeutics vs. Day One Biopharmaceuticals | Briacell Therapeutics vs. PDS Biotechnology Corp |
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 Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
Other Complementary Tools
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges | |
| Money Managers Screen money managers from public funds and ETFs managed around the world | |
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
| Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets |