Correlation Between Citigroup and Doubleline Core
Can any of the company-specific risk be diversified away by investing in both Citigroup and Doubleline Core 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 Doubleline Core into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Citigroup and Doubleline E Fixed, you can compare the effects of market volatilities on Citigroup and Doubleline Core 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 Doubleline Core. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citigroup and Doubleline Core.
Diversification Opportunities for Citigroup and Doubleline Core
-0.76 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Citigroup and Doubleline is -0.76. Overlapping area represents the amount of risk that can be diversified away by holding Citigroup and Doubleline E Fixed in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Doubleline E Fixed 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 Doubleline Core. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Doubleline E Fixed has no effect on the direction of Citigroup i.e., Citigroup and Doubleline Core go up and down completely randomly.
Pair Corralation between Citigroup and Doubleline Core
Taking into account the 90-day investment horizon Citigroup is expected to generate 6.15 times more return on investment than Doubleline Core. However, Citigroup is 6.15 times more volatile than Doubleline E Fixed. It trades about 0.07 of its potential returns per unit of risk. Doubleline E Fixed is currently generating about 0.11 per unit of risk. If you would invest 6,079 in Citigroup on September 1, 2024 and sell it today you would earn a total of 1,008 from holding Citigroup or generate 16.58% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 99.21% |
| Values | Daily Returns |
Citigroup vs. Doubleline E Fixed
Performance |
| Timeline |
| Citigroup |
| Doubleline E Fixed |
Citigroup and Doubleline Core Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citigroup and Doubleline Core
The main advantage of trading using opposite Citigroup and Doubleline Core positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citigroup position performs unexpectedly, Doubleline Core 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 Doubleline Core will offset losses from the drop in Doubleline Core's long position.| Citigroup vs. JPMorgan Chase Co | Citigroup vs. Wells Fargo | Citigroup vs. Toronto Dominion Bank | Citigroup vs. Nu Holdings |
| Doubleline Core vs. Doubleline Strategic Modity | Doubleline Core vs. Doubleline Emerging Markets | Doubleline Core vs. Doubleline Floating Rate | Doubleline Core vs. Doubleline E Fixed |
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 AI Portfolio Architect module to use AI to generate optimal portfolios and find profitable investment opportunities.
Other Complementary Tools
| Technical Analysis Check basic technical indicators and analysis based on most latest market data | |
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
| Insider Screener Find insiders across different sectors to evaluate their impact on performance | |
| Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings | |
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals |