Correlation Between Citigroup and Silo Wellness
Can any of the company-specific risk be diversified away by investing in both Citigroup and Silo Wellness 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 Silo Wellness into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Citigroup and Silo Wellness, you can compare the effects of market volatilities on Citigroup and Silo Wellness 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 Silo Wellness. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citigroup and Silo Wellness.
Diversification Opportunities for Citigroup and Silo Wellness
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Citigroup and Silo is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Citigroup and Silo Wellness in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Silo Wellness 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 Silo Wellness. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Silo Wellness has no effect on the direction of Citigroup i.e., Citigroup and Silo Wellness go up and down completely randomly.
Pair Corralation between Citigroup and Silo Wellness
If you would invest 5,405 in Citigroup on August 29, 2024 and sell it today you would earn a total of 1,570 from holding Citigroup or generate 29.05% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 70.33% |
| Values | Daily Returns |
Citigroup vs. Silo Wellness
Performance |
| Timeline |
| Citigroup |
| Silo Wellness |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Citigroup and Silo Wellness Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citigroup and Silo Wellness
The main advantage of trading using opposite Citigroup and Silo Wellness positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citigroup position performs unexpectedly, Silo Wellness 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 Silo Wellness will offset losses from the drop in Silo Wellness' long position.| Citigroup vs. JPMorgan Chase Co | Citigroup vs. Wells Fargo | Citigroup vs. Toronto Dominion Bank | Citigroup vs. Nu Holdings |
| Silo Wellness vs. Flowr Corp | Silo Wellness vs. Slang Worldwide | Silo Wellness vs. Eisai Co | Silo Wellness vs. BellRock Brands |
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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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