Correlation Between Citigroup and Nuveen Small
Can any of the company-specific risk be diversified away by investing in both Citigroup and Nuveen Small 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 Nuveen Small into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Citigroup and Nuveen Small Cap, you can compare the effects of market volatilities on Citigroup and Nuveen Small 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 Nuveen Small. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citigroup and Nuveen Small.
Diversification Opportunities for Citigroup and Nuveen Small
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Citigroup and Nuveen is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Citigroup and Nuveen Small Cap in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nuveen Small Cap 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 Nuveen Small. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nuveen Small Cap has no effect on the direction of Citigroup i.e., Citigroup and Nuveen Small go up and down completely randomly.
Pair Corralation between Citigroup and Nuveen Small
If you would invest 6,412 in Citigroup on August 30, 2024 and sell it today you would earn a total of 604.00 from holding Citigroup or generate 9.42% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Citigroup vs. Nuveen Small Cap
Performance |
| Timeline |
| Citigroup |
| Nuveen Small Cap |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Citigroup and Nuveen Small Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citigroup and Nuveen Small
The main advantage of trading using opposite Citigroup and Nuveen Small positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citigroup position performs unexpectedly, Nuveen Small 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 Nuveen Small will offset losses from the drop in Nuveen Small's long position.| Citigroup vs. JPMorgan Chase Co | Citigroup vs. Wells Fargo | Citigroup vs. Toronto Dominion Bank | Citigroup vs. Nu Holdings |
| Nuveen Small vs. Dodge Cox Stock | Nuveen Small vs. Pace Large Growth | Nuveen Small vs. Vanguard Equity Income | Nuveen Small vs. Tax Managed Large Cap |
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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
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