Correlation Between Citigroup and HT Media
Specify exactly 2 symbols:
By analyzing existing cross correlation between Citigroup and HT Media Limited, you can compare the effects of market volatilities on Citigroup and HT Media 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 HT Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citigroup and HT Media.
Diversification Opportunities for Citigroup and HT Media
Very good diversification
The 3 months correlation between Citigroup and HTMEDIA is -0.5. Overlapping area represents the amount of risk that can be diversified away by holding Citigroup and HT Media Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HT Media Limited 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 HT Media. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HT Media Limited has no effect on the direction of Citigroup i.e., Citigroup and HT Media go up and down completely randomly.
Pair Corralation between Citigroup and HT Media
Taking into account the 90-day investment horizon Citigroup is expected to generate 0.58 times more return on investment than HT Media. However, Citigroup is 1.72 times less risky than HT Media. It trades about 0.07 of its potential returns per unit of risk. HT Media Limited is currently generating about 0.02 per unit of risk. If you would invest 4,118 in Citigroup on August 29, 2024 and sell it today you would earn a total of 2,857 from holding Citigroup or generate 69.38% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 98.79% |
| Values | Daily Returns |
Citigroup vs. HT Media Limited
Performance |
| Timeline |
| Citigroup |
| HT Media Limited |
Citigroup and HT Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citigroup and HT Media
The main advantage of trading using opposite Citigroup and HT Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citigroup position performs unexpectedly, HT Media 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 HT Media will offset losses from the drop in HT Media's long position.The idea behind Citigroup and HT Media Limited pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.| HT Media vs. Tata Consultancy Services | HT Media vs. Quess Corp Limited | HT Media vs. Reliance Industries Limited | HT Media vs. Infosys Limited |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
Other Complementary Tools
| Stocks Directory Find actively traded stocks across global markets | |
| Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings | |
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum | |
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments | |
| Technical Analysis Check basic technical indicators and analysis based on most latest market data |