Correlation Between Citigroup and Fluoropharma Medical
Can any of the company-specific risk be diversified away by investing in both Citigroup and Fluoropharma Medical 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 Fluoropharma Medical into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Citigroup and Fluoropharma Medical, you can compare the effects of market volatilities on Citigroup and Fluoropharma Medical 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 Fluoropharma Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citigroup and Fluoropharma Medical.
Diversification Opportunities for Citigroup and Fluoropharma Medical
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Citigroup and Fluoropharma is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Citigroup and Fluoropharma Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fluoropharma Medical 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 Fluoropharma Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fluoropharma Medical has no effect on the direction of Citigroup i.e., Citigroup and Fluoropharma Medical go up and down completely randomly.
Pair Corralation between Citigroup and Fluoropharma Medical
If you would invest 6,064 in Citigroup on September 3, 2024 and sell it today you would earn a total of 1,023 from holding Citigroup or generate 16.87% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 99.21% |
| Values | Daily Returns |
Citigroup vs. Fluoropharma Medical
Performance |
| Timeline |
| Citigroup |
| Fluoropharma Medical |
Citigroup and Fluoropharma Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citigroup and Fluoropharma Medical
The main advantage of trading using opposite Citigroup and Fluoropharma Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citigroup position performs unexpectedly, Fluoropharma Medical 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 Fluoropharma Medical will offset losses from the drop in Fluoropharma Medical's long position.| Citigroup vs. JPMorgan Chase Co | Citigroup vs. Wells Fargo | Citigroup vs. Toronto Dominion Bank | Citigroup vs. Nu Holdings |
| Fluoropharma Medical vs. Pmv Pharmaceuticals | Fluoropharma Medical vs. MediciNova | Fluoropharma Medical vs. Pharvaris BV | Fluoropharma Medical vs. PepGen |
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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