Correlation Between Citigroup and Mincor Resources
Can any of the company-specific risk be diversified away by investing in both Citigroup and Mincor Resources 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 Mincor Resources into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Citigroup and Mincor Resources NL, you can compare the effects of market volatilities on Citigroup and Mincor Resources 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 Mincor Resources. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citigroup and Mincor Resources.
Diversification Opportunities for Citigroup and Mincor Resources
0.07 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Citigroup and Mincor is 0.07. Overlapping area represents the amount of risk that can be diversified away by holding Citigroup and Mincor Resources NL in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mincor Resources 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 Mincor Resources. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mincor Resources has no effect on the direction of Citigroup i.e., Citigroup and Mincor Resources go up and down completely randomly.
Pair Corralation between Citigroup and Mincor Resources
If you would invest 5,476 in Citigroup on September 1, 2024 and sell it today you would earn a total of 1,611 from holding Citigroup or generate 29.42% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 0.53% |
| Values | Daily Returns |
Citigroup vs. Mincor Resources NL
Performance |
| Timeline |
| Citigroup |
| Mincor Resources |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Citigroup and Mincor Resources Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citigroup and Mincor Resources
The main advantage of trading using opposite Citigroup and Mincor Resources positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citigroup position performs unexpectedly, Mincor Resources 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 Mincor Resources will offset losses from the drop in Mincor Resources' long position.| Citigroup vs. JPMorgan Chase Co | Citigroup vs. Wells Fargo | Citigroup vs. Toronto Dominion Bank | Citigroup vs. Nu Holdings |
| Mincor Resources vs. Centaurus Metals Limited | Mincor Resources vs. Ardea Resources Limited | Mincor Resources vs. Cobalt Blue Holdings | Mincor Resources vs. Champion Bear Resources |
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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
Other Complementary Tools
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals | |
| ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments | |
| Portfolio Backtesting Avoid under-diversification and over-optimization by backtesting your portfolios | |
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets | |
| Equity Forecasting Use basic forecasting models to generate price predictions and determine price momentum |