Correlation Between Citigroup and Mortons Restaurant
Can any of the company-specific risk be diversified away by investing in both Citigroup and Mortons Restaurant 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 Mortons Restaurant into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Citigroup and Mortons Restaurant Group, you can compare the effects of market volatilities on Citigroup and Mortons Restaurant 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 Mortons Restaurant. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citigroup and Mortons Restaurant.
Diversification Opportunities for Citigroup and Mortons Restaurant
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Citigroup and Mortons is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Citigroup and Mortons Restaurant Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mortons Restaurant 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 Mortons Restaurant. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mortons Restaurant has no effect on the direction of Citigroup i.e., Citigroup and Mortons Restaurant go up and down completely randomly.
Pair Corralation between Citigroup and Mortons Restaurant
If you would invest 4,237 in Citigroup on September 4, 2024 and sell it today you would earn a total of 2,902 from holding Citigroup or generate 68.49% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.2% |
| Values | Daily Returns |
Citigroup vs. Mortons Restaurant Group
Performance |
| Timeline |
| Citigroup |
| Mortons Restaurant |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Citigroup and Mortons Restaurant Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citigroup and Mortons Restaurant
The main advantage of trading using opposite Citigroup and Mortons Restaurant positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citigroup position performs unexpectedly, Mortons Restaurant 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 Mortons Restaurant will offset losses from the drop in Mortons Restaurant'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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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