Correlation Between Citigroup and Jindal Drilling
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By analyzing existing cross correlation between Citigroup and Jindal Drilling And, you can compare the effects of market volatilities on Citigroup and Jindal Drilling 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 Jindal Drilling. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citigroup and Jindal Drilling.
Diversification Opportunities for Citigroup and Jindal Drilling
0.73 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Citigroup and Jindal is 0.73. Overlapping area represents the amount of risk that can be diversified away by holding Citigroup and Jindal Drilling And in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jindal Drilling And 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 Jindal Drilling. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jindal Drilling And has no effect on the direction of Citigroup i.e., Citigroup and Jindal Drilling go up and down completely randomly.
Pair Corralation between Citigroup and Jindal Drilling
Taking into account the 90-day investment horizon Citigroup is expected to generate 2.23 times less return on investment than Jindal Drilling. But when comparing it to its historical volatility, Citigroup is 1.48 times less risky than Jindal Drilling. It trades about 0.26 of its potential returns per unit of risk. Jindal Drilling And is currently generating about 0.38 of returns per unit of risk over similar time horizon. If you would invest 67,180 in Jindal Drilling And on September 1, 2024 and sell it today you would earn a total of 18,215 from holding Jindal Drilling And or generate 27.11% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Citigroup vs. Jindal Drilling And
Performance |
| Timeline |
| Citigroup |
| Jindal Drilling And |
Citigroup and Jindal Drilling Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citigroup and Jindal Drilling
The main advantage of trading using opposite Citigroup and Jindal Drilling positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citigroup position performs unexpectedly, Jindal Drilling 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 Jindal Drilling will offset losses from the drop in Jindal Drilling's long position.| Citigroup vs. JPMorgan Chase Co | Citigroup vs. Wells Fargo | Citigroup vs. Toronto Dominion Bank | Citigroup vs. Nu Holdings |
| Jindal Drilling vs. Digjam Limited | Jindal Drilling vs. Gujarat Raffia Industries | Jindal Drilling vs. Kingfa Science Technology | Jindal Drilling vs. Rico Auto Industries |
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 Center module to all portfolio management and optimization tools to improve performance of your portfolios.
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