Correlation Between Citigroup and Exxaro Tiles
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By analyzing existing cross correlation between Citigroup and Exxaro Tiles Limited, you can compare the effects of market volatilities on Citigroup and Exxaro Tiles 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 Exxaro Tiles. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citigroup and Exxaro Tiles.
Diversification Opportunities for Citigroup and Exxaro Tiles
-0.04 | Correlation Coefficient |
Good diversification
The 3 months correlation between Citigroup and Exxaro is -0.04. Overlapping area represents the amount of risk that can be diversified away by holding Citigroup and Exxaro Tiles Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Exxaro Tiles Limited 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 Exxaro Tiles. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Exxaro Tiles Limited has no effect on the direction of Citigroup i.e., Citigroup and Exxaro Tiles go up and down completely randomly.
Pair Corralation between Citigroup and Exxaro Tiles
Taking into account the 90-day investment horizon Citigroup is expected to generate 0.53 times more return on investment than Exxaro Tiles. However, Citigroup is 1.88 times less risky than Exxaro Tiles. It trades about 0.45 of its potential returns per unit of risk. Exxaro Tiles Limited is currently generating about 0.06 per unit of risk. If you would invest 6,994 in Citigroup on November 2, 2024 and sell it today you would earn a total of 1,192 from holding Citigroup or generate 17.04% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 90.48% |
| Values | Daily Returns |
Citigroup vs. Exxaro Tiles Limited
Performance |
| Timeline |
| Citigroup |
| Exxaro Tiles Limited |
Citigroup and Exxaro Tiles Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citigroup and Exxaro Tiles
The main advantage of trading using opposite Citigroup and Exxaro Tiles positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citigroup position performs unexpectedly, Exxaro Tiles 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 Exxaro Tiles will offset losses from the drop in Exxaro Tiles' long position.| Citigroup vs. Royal Bank of | Citigroup vs. Nu Holdings | Citigroup vs. HSBC Holdings PLC | Citigroup vs. Canadian Imperial Bank |
| Exxaro Tiles vs. Reliance Industries Limited | Exxaro Tiles vs. State Bank of | Exxaro Tiles vs. HDFC Bank Limited | Exxaro Tiles vs. Oil Natural Gas |
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 Equity Valuation module to check real value of public entities based on technical and fundamental data.
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