Correlation Between Citigroup and Navin Fluorine
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By analyzing existing cross correlation between Citigroup and Navin Fluorine International, you can compare the effects of market volatilities on Citigroup and Navin Fluorine 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 Navin Fluorine. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citigroup and Navin Fluorine.
Diversification Opportunities for Citigroup and Navin Fluorine
0.36 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Citigroup and Navin is 0.36. Overlapping area represents the amount of risk that can be diversified away by holding Citigroup and Navin Fluorine International in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Navin Fluorine Inter 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 Navin Fluorine. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Navin Fluorine Inter has no effect on the direction of Citigroup i.e., Citigroup and Navin Fluorine go up and down completely randomly.
Pair Corralation between Citigroup and Navin Fluorine
Taking into account the 90-day investment horizon Citigroup is expected to generate 1.07 times more return on investment than Navin Fluorine. However, Citigroup is 1.07 times more volatile than Navin Fluorine International. It trades about 0.21 of its potential returns per unit of risk. Navin Fluorine International is currently generating about 0.11 per unit of risk. If you would invest 6,393 in Citigroup on August 31, 2024 and sell it today you would earn a total of 623.00 from holding Citigroup or generate 9.75% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
Citigroup vs. Navin Fluorine International
Performance |
| Timeline |
| Citigroup |
| Navin Fluorine Inter |
Citigroup and Navin Fluorine Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citigroup and Navin Fluorine
The main advantage of trading using opposite Citigroup and Navin Fluorine positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citigroup position performs unexpectedly, Navin Fluorine 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 Navin Fluorine will offset losses from the drop in Navin Fluorine'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 Portfolio Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
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