Correlation Between Citigroup and Orinda Skyview
Can any of the company-specific risk be diversified away by investing in both Citigroup and Orinda Skyview 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 Orinda Skyview into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Citigroup and Orinda Skyview Multi Manager, you can compare the effects of market volatilities on Citigroup and Orinda Skyview 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 Orinda Skyview. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citigroup and Orinda Skyview.
Diversification Opportunities for Citigroup and Orinda Skyview
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Citigroup and Orinda is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Citigroup and Orinda Skyview Multi Manager in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Orinda Skyview Multi 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 Orinda Skyview. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Orinda Skyview Multi has no effect on the direction of Citigroup i.e., Citigroup and Orinda Skyview go up and down completely randomly.
Pair Corralation between Citigroup and Orinda Skyview
If you would invest 6,348 in Citigroup on October 21, 2024 and sell it today you would earn a total of 1,651 from holding Citigroup or generate 26.01% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.8% |
| Values | Daily Returns |
Citigroup vs. Orinda Skyview Multi Manager
Performance |
| Timeline |
| Citigroup |
| Orinda Skyview Multi |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Citigroup and Orinda Skyview Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citigroup and Orinda Skyview
The main advantage of trading using opposite Citigroup and Orinda Skyview positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citigroup position performs unexpectedly, Orinda Skyview 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 Orinda Skyview will offset losses from the drop in Orinda Skyview's long position.| Citigroup vs. Bank of Montreal | Citigroup vs. Canadian Imperial Bank | Citigroup vs. Bank of Nova | Citigroup vs. JPMorgan Chase Co |
| Orinda Skyview vs. First Eagle Gold | Orinda Skyview vs. Invesco Gold Special | Orinda Skyview vs. Goldman Sachs Short | Orinda Skyview vs. Gamco Global Gold |
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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
Other Complementary Tools
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes | |
| Crypto Correlations Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins | |
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum |