Correlation Between Citigroup and Fortis Healthcare
Specify exactly 2 symbols:
By analyzing existing cross correlation between Citigroup and Fortis Healthcare Limited, you can compare the effects of market volatilities on Citigroup and Fortis Healthcare 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 Fortis Healthcare. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citigroup and Fortis Healthcare.
Diversification Opportunities for Citigroup and Fortis Healthcare
0.8 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Citigroup and Fortis is 0.8. Overlapping area represents the amount of risk that can be diversified away by holding Citigroup and Fortis Healthcare Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fortis Healthcare 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 Fortis Healthcare. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fortis Healthcare has no effect on the direction of Citigroup i.e., Citigroup and Fortis Healthcare go up and down completely randomly.
Pair Corralation between Citigroup and Fortis Healthcare
Taking into account the 90-day investment horizon Citigroup is expected to generate 0.95 times more return on investment than Fortis Healthcare. However, Citigroup is 1.06 times less risky than Fortis Healthcare. It trades about 0.26 of its potential returns per unit of risk. Fortis Healthcare Limited is currently generating about 0.13 per unit of risk. If you would invest 6,361 in Citigroup on September 1, 2024 and sell it today you would earn a total of 726.00 from holding Citigroup or generate 11.41% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Citigroup vs. Fortis Healthcare Limited
Performance |
| Timeline |
| Citigroup |
| Fortis Healthcare |
Citigroup and Fortis Healthcare Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citigroup and Fortis Healthcare
The main advantage of trading using opposite Citigroup and Fortis Healthcare positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citigroup position performs unexpectedly, Fortis Healthcare 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 Fortis Healthcare will offset losses from the drop in Fortis Healthcare's long position.| Citigroup vs. JPMorgan Chase Co | Citigroup vs. Wells Fargo | Citigroup vs. Toronto Dominion Bank | Citigroup vs. Nu Holdings |
| Fortis Healthcare vs. Le Travenues Technology | Fortis Healthcare vs. Dev Information Technology | Fortis Healthcare vs. Jaypee Infratech Limited | Fortis Healthcare vs. Clean Science and |
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 Stocks Directory module to find actively traded stocks across global markets.
Other Complementary Tools
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities | |
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
| Content Syndication Quickly integrate customizable finance content to your own investment portal | |
| CEOs Directory Screen CEOs from public companies around the world |