Correlation Between Citigroup and Goodman Global
Can any of the company-specific risk be diversified away by investing in both Citigroup and Goodman Global 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 Goodman Global into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Citigroup and Goodman Global, you can compare the effects of market volatilities on Citigroup and Goodman Global 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 Goodman Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citigroup and Goodman Global.
Diversification Opportunities for Citigroup and Goodman Global
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Citigroup and Goodman is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Citigroup and Goodman Global in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Goodman Global 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 Goodman Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Goodman Global has no effect on the direction of Citigroup i.e., Citigroup and Goodman Global go up and down completely randomly.
Pair Corralation between Citigroup and Goodman Global
If you would invest 6,980 in Citigroup on September 12, 2024 and sell it today you would earn a total of 224.00 from holding Citigroup or generate 3.21% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Citigroup vs. Goodman Global
Performance |
| Timeline |
| Citigroup |
| Goodman Global |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Citigroup and Goodman Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citigroup and Goodman Global
The main advantage of trading using opposite Citigroup and Goodman Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citigroup position performs unexpectedly, Goodman Global 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 Goodman Global will offset losses from the drop in Goodman Global's long position.| Citigroup vs. JPMorgan Chase Co | Citigroup vs. Wells Fargo | Citigroup vs. Toronto Dominion Bank | Citigroup vs. Nu Holdings |
| Goodman Global vs. Lululemon Athletica | Goodman Global vs. Four Seasons Education | Goodman Global vs. Skillful Craftsman Education | Goodman Global vs. Daily Journal Corp |
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 Portfolio File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
Other Complementary Tools
| Content Syndication Quickly integrate customizable finance content to your own investment portal | |
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets | |
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities | |
| Fundamental Analysis View fundamental data based on most recent published financial statements | |
| Crypto Correlations Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins |