Correlation Between Citigroup and Jupiter Marine
Can any of the company-specific risk be diversified away by investing in both Citigroup and Jupiter Marine 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 Jupiter Marine into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Citigroup and Jupiter Marine International, you can compare the effects of market volatilities on Citigroup and Jupiter Marine 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 Jupiter Marine. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citigroup and Jupiter Marine.
Diversification Opportunities for Citigroup and Jupiter Marine
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Citigroup and Jupiter is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Citigroup and Jupiter Marine International in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jupiter Marine Inter 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 Jupiter Marine. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jupiter Marine Inter has no effect on the direction of Citigroup i.e., Citigroup and Jupiter Marine go up and down completely randomly.
Pair Corralation between Citigroup and Jupiter Marine
If you would invest 6,315 in Citigroup on September 2, 2024 and sell it today you would earn a total of 772.00 from holding Citigroup or generate 12.22% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Citigroup vs. Jupiter Marine International
Performance |
| Timeline |
| Citigroup |
| Jupiter Marine Inter |
Citigroup and Jupiter Marine Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citigroup and Jupiter Marine
The main advantage of trading using opposite Citigroup and Jupiter Marine positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citigroup position performs unexpectedly, Jupiter Marine 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 Jupiter Marine will offset losses from the drop in Jupiter Marine's long position.| Citigroup vs. JPMorgan Chase Co | Citigroup vs. Wells Fargo | Citigroup vs. Toronto Dominion Bank | Citigroup vs. Nu Holdings |
| Jupiter Marine vs. IPG Photonics | Jupiter Marine vs. Thai Beverage PCL | Jupiter Marine vs. ON Semiconductor | Jupiter Marine vs. MagnaChip Semiconductor |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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