Correlation Between Citigroup and SINNER
Can any of the company-specific risk be diversified away by investing in both Citigroup and SINNER 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 SINNER into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Citigroup and SINNER, you can compare the effects of market volatilities on Citigroup and SINNER 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 SINNER. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citigroup and SINNER.
Diversification Opportunities for Citigroup and SINNER
Pay attention - limited upside
The 3 months correlation between Citigroup and SINNER is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Citigroup and SINNER in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SINNER 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 SINNER. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SINNER has no effect on the direction of Citigroup i.e., Citigroup and SINNER go up and down completely randomly.
Pair Corralation between Citigroup and SINNER
If you would invest (100.00) in SINNER on November 28, 2024 and sell it today you would earn a total of 100.00 from holding SINNER or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Citigroup vs. SINNER
Performance |
| Timeline |
| Citigroup |
| SINNER |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
Citigroup and SINNER Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citigroup and SINNER
The main advantage of trading using opposite Citigroup and SINNER positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citigroup position performs unexpectedly, SINNER 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 SINNER will offset losses from the drop in SINNER's long position.| Citigroup vs. JPMorgan Chase Co | Citigroup vs. Wells Fargo | Citigroup vs. Toronto Dominion Bank | Citigroup vs. Nu Holdings |
| SINNER vs. UNITED RENTALS | SINNER vs. Phibro Animal Health | SINNER vs. NORDHEALTH AS NK | SINNER vs. Lendlease Group |
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 Anywhere module to track or share privately all of your investments from the convenience of any device.
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