Correlation Between Citigroup and Mainstay Retirement
Can any of the company-specific risk be diversified away by investing in both Citigroup and Mainstay Retirement 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 Mainstay Retirement into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Citigroup and Mainstay Retirement 2050, you can compare the effects of market volatilities on Citigroup and Mainstay Retirement 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 Mainstay Retirement. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citigroup and Mainstay Retirement.
Diversification Opportunities for Citigroup and Mainstay Retirement
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Citigroup and Mainstay is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Citigroup and Mainstay Retirement 2050 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mainstay Retirement 2050 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 Mainstay Retirement. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mainstay Retirement 2050 has no effect on the direction of Citigroup i.e., Citigroup and Mainstay Retirement go up and down completely randomly.
Pair Corralation between Citigroup and Mainstay Retirement
If you would invest 4,004 in Citigroup on September 12, 2024 and sell it today you would earn a total of 3,200 from holding Citigroup or generate 79.92% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Citigroup vs. Mainstay Retirement 2050
Performance |
| Timeline |
| Citigroup |
| Mainstay Retirement 2050 |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Citigroup and Mainstay Retirement Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citigroup and Mainstay Retirement
The main advantage of trading using opposite Citigroup and Mainstay Retirement positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citigroup position performs unexpectedly, Mainstay Retirement 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 Mainstay Retirement will offset losses from the drop in Mainstay Retirement's long position.| Citigroup vs. JPMorgan Chase Co | Citigroup vs. Wells Fargo | Citigroup vs. Toronto Dominion Bank | Citigroup vs. Nu Holdings |
| Mainstay Retirement vs. Old Westbury Short Term | Mainstay Retirement vs. Alpine Ultra Short | Mainstay Retirement vs. Angel Oak Ultrashort | Mainstay Retirement vs. Cmg Ultra Short |
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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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