Correlation Between Citigroup and Driehaus Select
Can any of the company-specific risk be diversified away by investing in both Citigroup and Driehaus Select 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 Driehaus Select into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Citigroup and Driehaus Select Credit, you can compare the effects of market volatilities on Citigroup and Driehaus Select 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 Driehaus Select. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citigroup and Driehaus Select.
Diversification Opportunities for Citigroup and Driehaus Select
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Citigroup and Driehaus is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Citigroup and Driehaus Select Credit in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Driehaus Select Credit 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 Driehaus Select. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Driehaus Select Credit has no effect on the direction of Citigroup i.e., Citigroup and Driehaus Select go up and down completely randomly.
Pair Corralation between Citigroup and Driehaus Select
If you would invest 4,445 in Citigroup on August 26, 2024 and sell it today you would earn a total of 2,539 from holding Citigroup or generate 57.12% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Citigroup vs. Driehaus Select Credit
Performance |
| Timeline |
| Citigroup |
| Driehaus Select Credit |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Citigroup and Driehaus Select Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citigroup and Driehaus Select
The main advantage of trading using opposite Citigroup and Driehaus Select positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citigroup position performs unexpectedly, Driehaus Select 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 Driehaus Select will offset losses from the drop in Driehaus Select's long position.| Citigroup vs. Toronto Dominion Bank | Citigroup vs. Nu Holdings | Citigroup vs. HSBC Holdings PLC | Citigroup vs. Bank of Montreal |
| Driehaus Select vs. Needham Aggressive Growth | Driehaus Select vs. Western Asset High | Driehaus Select vs. T Rowe Price | Driehaus Select vs. Pace High Yield |
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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
Other Complementary Tools
| Fundamental Analysis View fundamental data based on most recent published financial statements | |
| Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities | |
| Crypto Correlations Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins | |
| Equity Forecasting Use basic forecasting models to generate price predictions and determine price momentum | |
| Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency |