Correlation Between Citigroup and Mold Tek
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By analyzing existing cross correlation between Citigroup and Mold Tek Packaging Limited, you can compare the effects of market volatilities on Citigroup and Mold Tek 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 Mold Tek. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citigroup and Mold Tek.
Diversification Opportunities for Citigroup and Mold Tek
Excellent diversification
The 3 months correlation between Citigroup and Mold is -0.68. Overlapping area represents the amount of risk that can be diversified away by holding Citigroup and Mold Tek Packaging Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mold Tek Packaging 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 Mold Tek. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mold Tek Packaging has no effect on the direction of Citigroup i.e., Citigroup and Mold Tek go up and down completely randomly.
Pair Corralation between Citigroup and Mold Tek
Taking into account the 90-day investment horizon Citigroup is expected to generate 0.86 times more return on investment than Mold Tek. However, Citigroup is 1.17 times less risky than Mold Tek. It trades about 0.13 of its potential returns per unit of risk. Mold Tek Packaging Limited is currently generating about 0.04 per unit of risk. If you would invest 6,543 in Citigroup on September 12, 2024 and sell it today you would earn a total of 707.00 from holding Citigroup or generate 10.81% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 97.62% |
| Values | Daily Returns |
Citigroup vs. Mold Tek Packaging Limited
Performance |
| Timeline |
| Citigroup |
| Mold Tek Packaging |
Citigroup and Mold Tek Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citigroup and Mold Tek
The main advantage of trading using opposite Citigroup and Mold Tek positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citigroup position performs unexpectedly, Mold Tek 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 Mold Tek will offset losses from the drop in Mold Tek's long position.| Citigroup vs. JPMorgan Chase Co | Citigroup vs. Wells Fargo | Citigroup vs. Toronto Dominion Bank | Citigroup vs. Nu Holdings |
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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 Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.
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