Correlation Between Citigroup and Nuveen Global
Can any of the company-specific risk be diversified away by investing in both Citigroup and Nuveen Global 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 Nuveen Global into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Citigroup and Nuveen Global Growth, you can compare the effects of market volatilities on Citigroup and Nuveen Global 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 Nuveen Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citigroup and Nuveen Global.
Diversification Opportunities for Citigroup and Nuveen Global
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Citigroup and Nuveen is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Citigroup and Nuveen Global Growth in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nuveen Global Growth 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 Nuveen Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nuveen Global Growth has no effect on the direction of Citigroup i.e., Citigroup and Nuveen Global go up and down completely randomly.
Pair Corralation between Citigroup and Nuveen Global
If you would invest 6,166 in Citigroup on September 3, 2024 and sell it today you would earn a total of 921.00 from holding Citigroup or generate 14.94% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Citigroup vs. Nuveen Global Growth
Performance |
| Timeline |
| Citigroup |
| Nuveen Global Growth |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Citigroup and Nuveen Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citigroup and Nuveen Global
The main advantage of trading using opposite Citigroup and Nuveen Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citigroup position performs unexpectedly, Nuveen Global 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 Nuveen Global will offset losses from the drop in Nuveen Global's long position.| Citigroup vs. JPMorgan Chase Co | Citigroup vs. Wells Fargo | Citigroup vs. Toronto Dominion Bank | Citigroup vs. Nu Holdings |
| Nuveen Global vs. Artisan High Income | Nuveen Global vs. Gmo High Yield | Nuveen Global vs. Fidelity Capital Income | Nuveen Global vs. Msift High Yield |
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 Center module to all portfolio management and optimization tools to improve performance of your portfolios.
Other Complementary Tools
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
| Pair Correlation Compare performance and examine fundamental relationship between any two equity instruments | |
| Watchlist Optimization Optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm | |
| Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets | |
| Portfolio Suggestion Get suggestions outside of your existing asset allocation including your own model portfolios |