Correlation Between Citigroup and Sportking India
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By analyzing existing cross correlation between Citigroup and Sportking India Limited, you can compare the effects of market volatilities on Citigroup and Sportking India 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 Sportking India. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citigroup and Sportking India.
Diversification Opportunities for Citigroup and Sportking India
-0.77 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Citigroup and Sportking is -0.77. Overlapping area represents the amount of risk that can be diversified away by holding Citigroup and Sportking India Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sportking India 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 Sportking India. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sportking India has no effect on the direction of Citigroup i.e., Citigroup and Sportking India go up and down completely randomly.
Pair Corralation between Citigroup and Sportking India
Taking into account the 90-day investment horizon Citigroup is expected to generate 0.74 times more return on investment than Sportking India. However, Citigroup is 1.35 times less risky than Sportking India. It trades about 0.26 of its potential returns per unit of risk. Sportking India Limited is currently generating about -0.04 per unit of risk. If you would invest 6,361 in Citigroup on September 1, 2024 and sell it today you would earn a total of 726.00 from holding Citigroup or generate 11.41% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Citigroup vs. Sportking India Limited
Performance |
| Timeline |
| Citigroup |
| Sportking India |
Citigroup and Sportking India Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citigroup and Sportking India
The main advantage of trading using opposite Citigroup and Sportking India positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citigroup position performs unexpectedly, Sportking India 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 Sportking India will offset losses from the drop in Sportking India's long position.| Citigroup vs. JPMorgan Chase Co | Citigroup vs. Wells Fargo | Citigroup vs. Toronto Dominion Bank | Citigroup vs. Nu Holdings |
| Sportking India vs. Xchanging Solutions Limited | Sportking India vs. Kingfa Science Technology | Sportking India vs. Rico Auto Industries | Sportking India vs. GACM Technologies 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 Portfolio File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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