Correlation Between Citigroup and Keweenaw Financial
Can any of the company-specific risk be diversified away by investing in both Citigroup and Keweenaw Financial 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 Keweenaw Financial into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Citigroup and Keweenaw Financial, you can compare the effects of market volatilities on Citigroup and Keweenaw Financial 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 Keweenaw Financial. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citigroup and Keweenaw Financial.
Diversification Opportunities for Citigroup and Keweenaw Financial
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Citigroup and Keweenaw is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Citigroup and Keweenaw Financial in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Keweenaw Financial 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 Keweenaw Financial. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Keweenaw Financial has no effect on the direction of Citigroup i.e., Citigroup and Keweenaw Financial go up and down completely randomly.
Pair Corralation between Citigroup and Keweenaw Financial
If you would invest 6,079 in Citigroup on September 1, 2024 and sell it today you would earn a total of 1,008 from holding Citigroup or generate 16.58% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Citigroup vs. Keweenaw Financial
Performance |
| Timeline |
| Citigroup |
| Keweenaw Financial |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Citigroup and Keweenaw Financial Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citigroup and Keweenaw Financial
The main advantage of trading using opposite Citigroup and Keweenaw Financial positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citigroup position performs unexpectedly, Keweenaw Financial 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 Keweenaw Financial will offset losses from the drop in Keweenaw Financial's long position.| Citigroup vs. JPMorgan Chase Co | Citigroup vs. Wells Fargo | Citigroup vs. Toronto Dominion Bank | Citigroup vs. Nu Holdings |
| Keweenaw Financial vs. CCSB Financial Corp | Keweenaw Financial vs. Delhi Bank Corp | Keweenaw Financial vs. Bank of Utica | Keweenaw Financial vs. First Community Financial |
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 Rebalancing module to analyze risk-adjusted returns against different time horizons to find asset-allocation targets.
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