Correlation Between Citigroup and Hindustan Copper
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By analyzing existing cross correlation between Citigroup and Hindustan Copper Limited, you can compare the effects of market volatilities on Citigroup and Hindustan Copper 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 Hindustan Copper. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citigroup and Hindustan Copper.
Diversification Opportunities for Citigroup and Hindustan Copper
-0.71 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Citigroup and Hindustan is -0.71. Overlapping area represents the amount of risk that can be diversified away by holding Citigroup and Hindustan Copper Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hindustan Copper 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 Hindustan Copper. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hindustan Copper has no effect on the direction of Citigroup i.e., Citigroup and Hindustan Copper go up and down completely randomly.
Pair Corralation between Citigroup and Hindustan Copper
Taking into account the 90-day investment horizon Citigroup is expected to generate 1.01 times more return on investment than Hindustan Copper. However, Citigroup is 1.01 times more volatile than Hindustan Copper Limited. It trades about 0.21 of its potential returns per unit of risk. Hindustan Copper Limited is currently generating about -0.14 per unit of risk. If you would invest 6,393 in Citigroup on August 31, 2024 and sell it today you would earn a total of 623.00 from holding Citigroup or generate 9.75% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 90.91% |
| Values | Daily Returns |
Citigroup vs. Hindustan Copper Limited
Performance |
| Timeline |
| Citigroup |
| Hindustan Copper |
Citigroup and Hindustan Copper Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citigroup and Hindustan Copper
The main advantage of trading using opposite Citigroup and Hindustan Copper positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citigroup position performs unexpectedly, Hindustan Copper 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 Hindustan Copper will offset losses from the drop in Hindustan Copper's long position.| Citigroup vs. JPMorgan Chase Co | Citigroup vs. Wells Fargo | Citigroup vs. Toronto Dominion Bank | Citigroup vs. Nu Holdings |
| Hindustan Copper vs. Omkar Speciality Chemicals | Hindustan Copper vs. One 97 Communications | Hindustan Copper vs. Shree Pushkar Chemicals | Hindustan Copper vs. Krebs Biochemicals and |
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 Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
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