Correlation Between Citigroup and GRENKELEASING Hanover
Can any of the company-specific risk be diversified away by investing in both Citigroup and GRENKELEASING Hanover 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 GRENKELEASING Hanover into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Citigroup and GRENKELEASING Hanover, you can compare the effects of market volatilities on Citigroup and GRENKELEASING Hanover 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 GRENKELEASING Hanover. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citigroup and GRENKELEASING Hanover.
Diversification Opportunities for Citigroup and GRENKELEASING Hanover
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Citigroup and GRENKELEASING is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Citigroup and GRENKELEASING Hanover in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GRENKELEASING Hanover 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 GRENKELEASING Hanover. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GRENKELEASING Hanover has no effect on the direction of Citigroup i.e., Citigroup and GRENKELEASING Hanover go up and down completely randomly.
Pair Corralation between Citigroup and GRENKELEASING Hanover
If you would invest 4,142 in Citigroup on December 4, 2024 and sell it today you would earn a total of 3,054 from holding Citigroup or generate 73.74% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Citigroup vs. GRENKELEASING Hanover
Performance |
| Timeline |
| Citigroup |
| GRENKELEASING Hanover |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
Citigroup and GRENKELEASING Hanover Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citigroup and GRENKELEASING Hanover
The main advantage of trading using opposite Citigroup and GRENKELEASING Hanover positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citigroup position performs unexpectedly, GRENKELEASING Hanover 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 GRENKELEASING Hanover will offset losses from the drop in GRENKELEASING Hanover'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 Portfolio Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
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