Correlation Between Citigroup and Comepay
Can any of the company-specific risk be diversified away by investing in both Citigroup and Comepay 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 Comepay into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Citigroup and Comepay, you can compare the effects of market volatilities on Citigroup and Comepay 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 Comepay. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citigroup and Comepay.
Diversification Opportunities for Citigroup and Comepay
Pay attention - limited upside
The 3 months correlation between Citigroup and Comepay is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Citigroup and Comepay in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Comepay 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 Comepay. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Comepay has no effect on the direction of Citigroup i.e., Citigroup and Comepay go up and down completely randomly.
Pair Corralation between Citigroup and Comepay
If you would invest 7,149 in Citigroup on October 15, 2024 and sell it today you would lose (9.00) from holding Citigroup or give up 0.13% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 5.26% |
| Values | Daily Returns |
Citigroup vs. Comepay
Performance |
| Timeline |
| Citigroup |
| Comepay |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Citigroup and Comepay Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citigroup and Comepay
The main advantage of trading using opposite Citigroup and Comepay positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citigroup position performs unexpectedly, Comepay 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 Comepay will offset losses from the drop in Comepay's long position.| Citigroup vs. Nu Holdings | Citigroup vs. Canadian Imperial Bank | Citigroup vs. Bank of Montreal | Citigroup vs. Bank of Nova |
| Comepay vs. Direct Communication Solutions | Comepay vs. Crypto Co | Comepay vs. Datametrex AI Limited | Comepay vs. CSE Global Limited |
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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
Other Complementary Tools
| Commodity Directory Find actively traded commodities issued by global exchanges | |
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
| Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities | |
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences | |
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals |