Correlation Between Citigroup and Tuttle Capital
Can any of the company-specific risk be diversified away by investing in both Citigroup and Tuttle Capital 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 Tuttle Capital into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Citigroup and Tuttle Capital Management, you can compare the effects of market volatilities on Citigroup and Tuttle Capital 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 Tuttle Capital. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citigroup and Tuttle Capital.
Diversification Opportunities for Citigroup and Tuttle Capital
0.87 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Citigroup and Tuttle is 0.87. Overlapping area represents the amount of risk that can be diversified away by holding Citigroup and Tuttle Capital Management in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tuttle Capital Management 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 Tuttle Capital. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tuttle Capital Management has no effect on the direction of Citigroup i.e., Citigroup and Tuttle Capital go up and down completely randomly.
Pair Corralation between Citigroup and Tuttle Capital
If you would invest 6,315 in Citigroup on September 2, 2024 and sell it today you would earn a total of 772.00 from holding Citigroup or generate 12.22% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 4.76% |
| Values | Daily Returns |
Citigroup vs. Tuttle Capital Management
Performance |
| Timeline |
| Citigroup |
| Tuttle Capital Management |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Citigroup and Tuttle Capital Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citigroup and Tuttle Capital
The main advantage of trading using opposite Citigroup and Tuttle Capital positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citigroup position performs unexpectedly, Tuttle Capital 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 Tuttle Capital will offset losses from the drop in Tuttle Capital's long position.| Citigroup vs. JPMorgan Chase Co | Citigroup vs. Wells Fargo | Citigroup vs. Toronto Dominion Bank | Citigroup vs. Nu Holdings |
| Tuttle Capital vs. FT Vest Equity | Tuttle Capital vs. Zillow Group Class | Tuttle Capital vs. Northern Lights | Tuttle Capital vs. VanEck Vectors Moodys |
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 Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.
Other Complementary Tools
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
| Pair Correlation Compare performance and examine fundamental relationship between any two equity instruments | |
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
| Crypto Correlations Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins | |
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine |