Correlation Between Citigroup and Theseus Pharmaceuticals
Can any of the company-specific risk be diversified away by investing in both Citigroup and Theseus Pharmaceuticals 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 Theseus Pharmaceuticals into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Citigroup and Theseus Pharmaceuticals, you can compare the effects of market volatilities on Citigroup and Theseus Pharmaceuticals 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 Theseus Pharmaceuticals. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citigroup and Theseus Pharmaceuticals.
Diversification Opportunities for Citigroup and Theseus Pharmaceuticals
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Citigroup and Theseus is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Citigroup and Theseus Pharmaceuticals in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Theseus Pharmaceuticals 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 Theseus Pharmaceuticals. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Theseus Pharmaceuticals has no effect on the direction of Citigroup i.e., Citigroup and Theseus Pharmaceuticals go up and down completely randomly.
Pair Corralation between Citigroup and Theseus Pharmaceuticals
If you would invest 7,944 in Citigroup on November 18, 2024 and sell it today you would earn a total of 517.00 from holding Citigroup or generate 6.51% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Citigroup vs. Theseus Pharmaceuticals
Performance |
| Timeline |
| Citigroup |
| Theseus Pharmaceuticals |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
Citigroup and Theseus Pharmaceuticals Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citigroup and Theseus Pharmaceuticals
The main advantage of trading using opposite Citigroup and Theseus Pharmaceuticals positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citigroup position performs unexpectedly, Theseus Pharmaceuticals 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 Theseus Pharmaceuticals will offset losses from the drop in Theseus Pharmaceuticals' long position.| Citigroup vs. JPMorgan Chase Co | Citigroup vs. Wells Fargo | Citigroup vs. Toronto Dominion Bank | Citigroup vs. Nu Holdings |
| Theseus Pharmaceuticals vs. Relay Therapeutics | Theseus Pharmaceuticals vs. Century Therapeutics | Theseus Pharmaceuticals vs. Blueprint Medicines Corp | Theseus Pharmaceuticals vs. Pmv Pharmaceuticals |
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 Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
Other Complementary Tools
| Money Managers Screen money managers from public funds and ETFs managed around the world | |
| Bollinger Bands Use Bollinger Bands indicator to analyze target price for a given investing horizon | |
| Commodity Directory Find actively traded commodities issued by global exchanges | |
| Bonds Directory Find actively traded corporate debentures issued by US companies | |
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing |