Correlation Between Citigroup and Plutonian Acquisition
Can any of the company-specific risk be diversified away by investing in both Citigroup and Plutonian Acquisition 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 Plutonian Acquisition into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Citigroup and Plutonian Acquisition Corp, you can compare the effects of market volatilities on Citigroup and Plutonian Acquisition 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 Plutonian Acquisition. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citigroup and Plutonian Acquisition.
Diversification Opportunities for Citigroup and Plutonian Acquisition
-0.69 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Citigroup and Plutonian is -0.69. Overlapping area represents the amount of risk that can be diversified away by holding Citigroup and Plutonian Acquisition Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Plutonian Acquisition 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 Plutonian Acquisition. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Plutonian Acquisition has no effect on the direction of Citigroup i.e., Citigroup and Plutonian Acquisition go up and down completely randomly.
Pair Corralation between Citigroup and Plutonian Acquisition
If you would invest 7,039 in Citigroup on October 29, 2024 and sell it today you would earn a total of 1,109 from holding Citigroup or generate 15.76% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 5.26% |
| Values | Daily Returns |
Citigroup vs. Plutonian Acquisition Corp
Performance |
| Timeline |
| Citigroup |
| Plutonian Acquisition |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Citigroup and Plutonian Acquisition Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citigroup and Plutonian Acquisition
The main advantage of trading using opposite Citigroup and Plutonian Acquisition positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citigroup position performs unexpectedly, Plutonian Acquisition 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 Plutonian Acquisition will offset losses from the drop in Plutonian Acquisition's long position.| Citigroup vs. JPMorgan Chase Co | Citigroup vs. Wells Fargo | Citigroup vs. Toronto Dominion Bank | Citigroup vs. Nu Holdings |
| Plutonian Acquisition vs. Pekin Life Insurance | Plutonian Acquisition vs. Willis Lease Finance | Plutonian Acquisition vs. Conifer Holdings, 975 | Plutonian Acquisition vs. Triton International Limited |
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 CEOs Directory module to screen CEOs from public companies around the world.
Other Complementary Tools
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges | |
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences | |
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
| Money Managers Screen money managers from public funds and ETFs managed around the world |