Correlation Between Citigroup and PYRAMID TECHNOPLAST
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By analyzing existing cross correlation between Citigroup and PYRAMID TECHNOPLAST ORD, you can compare the effects of market volatilities on Citigroup and PYRAMID TECHNOPLAST 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 PYRAMID TECHNOPLAST. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citigroup and PYRAMID TECHNOPLAST.
Diversification Opportunities for Citigroup and PYRAMID TECHNOPLAST
0.54 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Citigroup and PYRAMID is 0.54. Overlapping area represents the amount of risk that can be diversified away by holding Citigroup and PYRAMID TECHNOPLAST ORD in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PYRAMID TECHNOPLAST ORD 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 PYRAMID TECHNOPLAST. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PYRAMID TECHNOPLAST ORD has no effect on the direction of Citigroup i.e., Citigroup and PYRAMID TECHNOPLAST go up and down completely randomly.
Pair Corralation between Citigroup and PYRAMID TECHNOPLAST
Taking into account the 90-day investment horizon Citigroup is expected to generate 1.41 times less return on investment than PYRAMID TECHNOPLAST. But when comparing it to its historical volatility, Citigroup is 2.73 times less risky than PYRAMID TECHNOPLAST. It trades about 0.2 of its potential returns per unit of risk. PYRAMID TECHNOPLAST ORD is currently generating about 0.1 of returns per unit of risk over similar time horizon. If you would invest 19,618 in PYRAMID TECHNOPLAST ORD on August 30, 2024 and sell it today you would earn a total of 1,939 from holding PYRAMID TECHNOPLAST ORD or generate 9.88% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 95.65% |
| Values | Daily Returns |
Citigroup vs. PYRAMID TECHNOPLAST ORD
Performance |
| Timeline |
| Citigroup |
| PYRAMID TECHNOPLAST ORD |
Citigroup and PYRAMID TECHNOPLAST Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citigroup and PYRAMID TECHNOPLAST
The main advantage of trading using opposite Citigroup and PYRAMID TECHNOPLAST positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citigroup position performs unexpectedly, PYRAMID TECHNOPLAST 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 PYRAMID TECHNOPLAST will offset losses from the drop in PYRAMID TECHNOPLAST's long position.| Citigroup vs. JPMorgan Chase Co | Citigroup vs. Wells Fargo | Citigroup vs. Toronto Dominion Bank | Citigroup vs. Nu Holdings |
| PYRAMID TECHNOPLAST vs. Arrow Greentech Limited | PYRAMID TECHNOPLAST vs. TPL Plastech Limited | PYRAMID TECHNOPLAST vs. Kingfa Science Technology | PYRAMID TECHNOPLAST vs. Rico Auto Industries |
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 Rebalancing module to analyze risk-adjusted returns against different time horizons to find asset-allocation targets.
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