Correlation Between Citigroup and Hugo Boss
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By analyzing existing cross correlation between Citigroup and Hugo Boss AG, you can compare the effects of market volatilities on Citigroup and Hugo Boss 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 Hugo Boss. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citigroup and Hugo Boss.
Diversification Opportunities for Citigroup and Hugo Boss
Good diversification
The 3 months correlation between Citigroup and Hugo is -0.08. Overlapping area represents the amount of risk that can be diversified away by holding Citigroup and Hugo Boss AG in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hugo Boss AG 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 Hugo Boss. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hugo Boss AG has no effect on the direction of Citigroup i.e., Citigroup and Hugo Boss go up and down completely randomly.
Pair Corralation between Citigroup and Hugo Boss
Taking into account the 90-day investment horizon Citigroup is expected to generate 0.77 times more return on investment than Hugo Boss. However, Citigroup is 1.3 times less risky than Hugo Boss. It trades about 0.08 of its potential returns per unit of risk. Hugo Boss AG is currently generating about -0.01 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 Against |
| Strength | Insignificant |
| Accuracy | 98.02% |
| Values | Daily Returns |
Citigroup vs. Hugo Boss AG
Performance |
| Timeline |
| Citigroup |
| Hugo Boss AG |
Citigroup and Hugo Boss Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citigroup and Hugo Boss
The main advantage of trading using opposite Citigroup and Hugo Boss positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citigroup position performs unexpectedly, Hugo Boss 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 Hugo Boss will offset losses from the drop in Hugo Boss' long position.| Citigroup vs. JPMorgan Chase Co | Citigroup vs. Wells Fargo | Citigroup vs. Toronto Dominion Bank | Citigroup vs. Nu Holdings |
| Hugo Boss vs. Superior Plus Corp | Hugo Boss vs. SIVERS SEMICONDUCTORS AB | Hugo Boss vs. Norsk Hydro ASA | Hugo Boss vs. Reliance Steel Aluminum |
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 Global Correlations module to find global opportunities by holding instruments from different markets.
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