Correlation Between Citigroup and Thaicom Public
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By analyzing existing cross correlation between Citigroup and Thaicom Public, you can compare the effects of market volatilities on Citigroup and Thaicom Public 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 Thaicom Public. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citigroup and Thaicom Public.
Diversification Opportunities for Citigroup and Thaicom Public
0.66 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Citigroup and Thaicom is 0.66. Overlapping area represents the amount of risk that can be diversified away by holding Citigroup and Thaicom Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Thaicom Public 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 Thaicom Public. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Thaicom Public has no effect on the direction of Citigroup i.e., Citigroup and Thaicom Public go up and down completely randomly.
Pair Corralation between Citigroup and Thaicom Public
Taking into account the 90-day investment horizon Citigroup is expected to generate 28.81 times less return on investment than Thaicom Public. But when comparing it to its historical volatility, Citigroup is 39.87 times less risky than Thaicom Public. It trades about 0.08 of its potential returns per unit of risk. Thaicom Public is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 1,332 in Thaicom Public on September 12, 2024 and sell it today you would earn a total of 108.00 from holding Thaicom Public or generate 8.11% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 97.17% |
| Values | Daily Returns |
Citigroup vs. Thaicom Public
Performance |
| Timeline |
| Citigroup |
| Thaicom Public |
Citigroup and Thaicom Public Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citigroup and Thaicom Public
The main advantage of trading using opposite Citigroup and Thaicom Public positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citigroup position performs unexpectedly, Thaicom Public 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 Thaicom Public will offset losses from the drop in Thaicom Public's long position.| Citigroup vs. JPMorgan Chase Co | Citigroup vs. Wells Fargo | Citigroup vs. Toronto Dominion Bank | Citigroup vs. Nu Holdings |
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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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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