Correlation Between Citigroup and VINACAPITAL VN100
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By analyzing existing cross correlation between Citigroup and VINACAPITAL VN100 ETF, you can compare the effects of market volatilities on Citigroup and VINACAPITAL VN100 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 VINACAPITAL VN100. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citigroup and VINACAPITAL VN100.
Diversification Opportunities for Citigroup and VINACAPITAL VN100
-0.36 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Citigroup and VINACAPITAL is -0.36. Overlapping area represents the amount of risk that can be diversified away by holding Citigroup and VINACAPITAL VN100 ETF in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on VINACAPITAL VN100 ETF 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 VINACAPITAL VN100. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of VINACAPITAL VN100 ETF has no effect on the direction of Citigroup i.e., Citigroup and VINACAPITAL VN100 go up and down completely randomly.
Pair Corralation between Citigroup and VINACAPITAL VN100
Taking into account the 90-day investment horizon Citigroup is expected to generate 1.89 times more return on investment than VINACAPITAL VN100. However, Citigroup is 1.89 times more volatile than VINACAPITAL VN100 ETF. It trades about 0.1 of its potential returns per unit of risk. VINACAPITAL VN100 ETF is currently generating about 0.1 per unit of risk. If you would invest 4,910 in Citigroup on September 14, 2024 and sell it today you would earn a total of 2,210 from holding Citigroup or generate 45.01% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 98.8% |
| Values | Daily Returns |
Citigroup vs. VINACAPITAL VN100 ETF
Performance |
| Timeline |
| Citigroup |
| VINACAPITAL VN100 ETF |
Citigroup and VINACAPITAL VN100 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citigroup and VINACAPITAL VN100
The main advantage of trading using opposite Citigroup and VINACAPITAL VN100 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citigroup position performs unexpectedly, VINACAPITAL VN100 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 VINACAPITAL VN100 will offset losses from the drop in VINACAPITAL VN100's long position.| Citigroup vs. JPMorgan Chase Co | Citigroup vs. Wells Fargo | Citigroup vs. Toronto Dominion Bank | Citigroup vs. Nu Holdings |
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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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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