Correlation Between Citigroup and Jupiter Wellness
Can any of the company-specific risk be diversified away by investing in both Citigroup and Jupiter Wellness 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 Wellness into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Citigroup and Jupiter Wellness, you can compare the effects of market volatilities on Citigroup and Jupiter Wellness 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 Wellness. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citigroup and Jupiter Wellness.
Diversification Opportunities for Citigroup and Jupiter Wellness
0.26 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Citigroup and Jupiter is 0.26. Overlapping area represents the amount of risk that can be diversified away by holding Citigroup and Jupiter Wellness in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jupiter Wellness 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 Wellness. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jupiter Wellness has no effect on the direction of Citigroup i.e., Citigroup and Jupiter Wellness go up and down completely randomly.
Pair Corralation between Citigroup and Jupiter Wellness
If you would invest 6,255 in Citigroup on August 24, 2024 and sell it today you would earn a total of 729.00 from holding Citigroup or generate 11.65% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 4.35% |
| Values | Daily Returns |
Citigroup vs. Jupiter Wellness
Performance |
| Timeline |
| Citigroup |
| Jupiter Wellness |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Citigroup and Jupiter Wellness Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citigroup and Jupiter Wellness
The main advantage of trading using opposite Citigroup and Jupiter Wellness positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citigroup position performs unexpectedly, Jupiter Wellness 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 Wellness will offset losses from the drop in Jupiter Wellness' long position.| Citigroup vs. JPMorgan Chase Co | Citigroup vs. Wells Fargo | Citigroup vs. Toronto Dominion Bank | Citigroup vs. Nu Holdings |
| Jupiter Wellness vs. Regencell Bioscience Holdings | Jupiter Wellness vs. Procaps Group SA | Jupiter Wellness vs. Cumberland Pharmaceuticals | Jupiter Wellness vs. Incannex Healthcare Ltd |
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 Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
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