Correlation Between Citigroup and CryoLife
Can any of the company-specific risk be diversified away by investing in both Citigroup and CryoLife 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 CryoLife into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Citigroup and CryoLife, you can compare the effects of market volatilities on Citigroup and CryoLife 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 CryoLife. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citigroup and CryoLife.
Diversification Opportunities for Citigroup and CryoLife
Pay attention - limited upside
The 3 months correlation between Citigroup and CryoLife is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Citigroup and CryoLife in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CryoLife 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 CryoLife. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CryoLife has no effect on the direction of Citigroup i.e., Citigroup and CryoLife go up and down completely randomly.
Pair Corralation between Citigroup and CryoLife
If you would invest 6,543 in Citigroup on September 13, 2024 and sell it today you would earn a total of 630.00 from holding Citigroup or generate 9.63% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Citigroup vs. CryoLife
Performance |
| Timeline |
| Citigroup |
| CryoLife |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Citigroup and CryoLife Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citigroup and CryoLife
The main advantage of trading using opposite Citigroup and CryoLife positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citigroup position performs unexpectedly, CryoLife 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 CryoLife will offset losses from the drop in CryoLife's long position.| Citigroup vs. JPMorgan Chase Co | Citigroup vs. Wells Fargo | Citigroup vs. Toronto Dominion Bank | Citigroup vs. Nu Holdings |
| CryoLife vs. Timken Company | CryoLife vs. Vera Bradley | CryoLife vs. Mativ Holdings | CryoLife vs. Lincoln Electric Holdings |
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.
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