Correlation Between Citigroup and Gillette India
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By analyzing existing cross correlation between Citigroup and Gillette India Limited, you can compare the effects of market volatilities on Citigroup and Gillette India 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 Gillette India. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citigroup and Gillette India.
Diversification Opportunities for Citigroup and Gillette India
0.58 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Citigroup and Gillette is 0.58. Overlapping area represents the amount of risk that can be diversified away by holding Citigroup and Gillette India Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Gillette India 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 Gillette India. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Gillette India has no effect on the direction of Citigroup i.e., Citigroup and Gillette India go up and down completely randomly.
Pair Corralation between Citigroup and Gillette India
Taking into account the 90-day investment horizon Citigroup is expected to generate 0.65 times more return on investment than Gillette India. However, Citigroup is 1.55 times less risky than Gillette India. It trades about 0.07 of its potential returns per unit of risk. Gillette India Limited is currently generating about -0.06 per unit of risk. If you would invest 7,149 in Citigroup on October 16, 2024 and sell it today you would earn a total of 128.00 from holding Citigroup or generate 1.79% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 94.74% |
| Values | Daily Returns |
Citigroup vs. Gillette India Limited
Performance |
| Timeline |
| Citigroup |
| Gillette India |
Citigroup and Gillette India Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citigroup and Gillette India
The main advantage of trading using opposite Citigroup and Gillette India positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citigroup position performs unexpectedly, Gillette India 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 Gillette India will offset losses from the drop in Gillette India's long position.| Citigroup vs. Nu Holdings | Citigroup vs. Canadian Imperial Bank | Citigroup vs. Bank of Montreal | Citigroup vs. Bank of Nova |
| Gillette India vs. JGCHEMICALS LIMITED | Gillette India vs. Bikaji Foods International | Gillette India vs. Teamlease Services Limited | Gillette India vs. Transport of |
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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
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