Correlation Between Citigroup and Harboes Bryggeri
Can any of the company-specific risk be diversified away by investing in both Citigroup and Harboes Bryggeri 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 Harboes Bryggeri into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Citigroup and Harboes Bryggeri AS, you can compare the effects of market volatilities on Citigroup and Harboes Bryggeri 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 Harboes Bryggeri. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citigroup and Harboes Bryggeri.
Diversification Opportunities for Citigroup and Harboes Bryggeri
-0.75 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Citigroup and Harboes is -0.75. Overlapping area represents the amount of risk that can be diversified away by holding Citigroup and Harboes Bryggeri AS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Harboes Bryggeri 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 Harboes Bryggeri. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Harboes Bryggeri has no effect on the direction of Citigroup i.e., Citigroup and Harboes Bryggeri go up and down completely randomly.
Pair Corralation between Citigroup and Harboes Bryggeri
Taking into account the 90-day investment horizon Citigroup is expected to generate 0.59 times more return on investment than Harboes Bryggeri. However, Citigroup is 1.7 times less risky than Harboes Bryggeri. It trades about 0.11 of its potential returns per unit of risk. Harboes Bryggeri AS is currently generating about -0.11 per unit of risk. If you would invest 6,125 in Citigroup on August 25, 2024 and sell it today you would earn a total of 859.00 from holding Citigroup or generate 14.02% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 96.97% |
| Values | Daily Returns |
Citigroup vs. Harboes Bryggeri AS
Performance |
| Timeline |
| Citigroup |
| Harboes Bryggeri |
Citigroup and Harboes Bryggeri Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citigroup and Harboes Bryggeri
The main advantage of trading using opposite Citigroup and Harboes Bryggeri positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citigroup position performs unexpectedly, Harboes Bryggeri 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 Harboes Bryggeri will offset losses from the drop in Harboes Bryggeri's long position.| Citigroup vs. Toronto Dominion Bank | Citigroup vs. Nu Holdings | Citigroup vs. HSBC Holdings PLC | Citigroup vs. Bank of Montreal |
| Harboes Bryggeri vs. Royal Unibrew AS | Harboes Bryggeri vs. Matas AS | Harboes Bryggeri vs. Nnit AS | Harboes Bryggeri vs. DFDS AS |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
Other Complementary Tools
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
| Portfolio Backtesting Avoid under-diversification and over-optimization by backtesting your portfolios | |
| Content Syndication Quickly integrate customizable finance content to your own investment portal | |
| Equity Forecasting Use basic forecasting models to generate price predictions and determine price momentum | |
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges |