Correlation Between Citigroup and MAKEINDIA
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By analyzing existing cross correlation between Citigroup and MAKEINDIA, you can compare the effects of market volatilities on Citigroup and MAKEINDIA 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 MAKEINDIA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citigroup and MAKEINDIA.
Diversification Opportunities for Citigroup and MAKEINDIA
Excellent diversification
The 3 months correlation between Citigroup and MAKEINDIA is -0.7. Overlapping area represents the amount of risk that can be diversified away by holding Citigroup and MAKEINDIA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MAKEINDIA 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 MAKEINDIA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MAKEINDIA has no effect on the direction of Citigroup i.e., Citigroup and MAKEINDIA go up and down completely randomly.
Pair Corralation between Citigroup and MAKEINDIA
Taking into account the 90-day investment horizon Citigroup is expected to generate 1.9 times more return on investment than MAKEINDIA. However, Citigroup is 1.9 times more volatile than MAKEINDIA. It trades about 0.07 of its potential returns per unit of risk. MAKEINDIA is currently generating about 0.13 per unit of risk. If you would invest 4,293 in Citigroup on September 3, 2024 and sell it today you would earn a total of 2,794 from holding Citigroup or generate 65.08% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 97.98% |
| Values | Daily Returns |
Citigroup vs. MAKEINDIA
Performance |
| Timeline |
| Citigroup |
| MAKEINDIA |
Citigroup and MAKEINDIA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citigroup and MAKEINDIA
The main advantage of trading using opposite Citigroup and MAKEINDIA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citigroup position performs unexpectedly, MAKEINDIA 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 MAKEINDIA will offset losses from the drop in MAKEINDIA's long position.| Citigroup vs. JPMorgan Chase Co | Citigroup vs. Wells Fargo | Citigroup vs. Toronto Dominion Bank | Citigroup vs. Nu Holdings |
| MAKEINDIA vs. NIFTYETF | MAKEINDIA vs. ITETF | MAKEINDIA vs. ICICI Prudential Nifty | MAKEINDIA vs. Nippon India Mutual |
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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
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