Correlation Between Citigroup and Harel Index
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By analyzing existing cross correlation between Citigroup and Harel Index Funds, you can compare the effects of market volatilities on Citigroup and Harel Index 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 Harel Index. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citigroup and Harel Index.
Diversification Opportunities for Citigroup and Harel Index
0.87 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Citigroup and Harel is 0.87. Overlapping area represents the amount of risk that can be diversified away by holding Citigroup and Harel Index Funds in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Harel Index Funds 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 Harel Index. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Harel Index Funds has no effect on the direction of Citigroup i.e., Citigroup and Harel Index go up and down completely randomly.
Pair Corralation between Citigroup and Harel Index
Taking into account the 90-day investment horizon Citigroup is expected to generate 2.63 times more return on investment than Harel Index. However, Citigroup is 2.63 times more volatile than Harel Index Funds. It trades about 0.26 of its potential returns per unit of risk. Harel Index Funds is currently generating about 0.25 per unit of risk. If you would invest 6,361 in Citigroup on September 1, 2024 and sell it today you would earn a total of 726.00 from holding Citigroup or generate 11.41% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 85.71% |
| Values | Daily Returns |
Citigroup vs. Harel Index Funds
Performance |
| Timeline |
| Citigroup |
| Harel Index Funds |
Citigroup and Harel Index Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citigroup and Harel Index
The main advantage of trading using opposite Citigroup and Harel Index positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citigroup position performs unexpectedly, Harel Index 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 Harel Index will offset losses from the drop in Harel Index's long position.| Citigroup vs. JPMorgan Chase Co | Citigroup vs. Wells Fargo | Citigroup vs. Toronto Dominion Bank | Citigroup vs. Nu Holdings |
| Harel Index vs. Harel Index Funds | Harel Index vs. Harel Sal Tel Bond | Harel Index vs. Harel Index Funds | Harel Index vs. Harel Index Funds |
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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
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