Correlation Between Citigroup and Tingo
Can any of the company-specific risk be diversified away by investing in both Citigroup and Tingo 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 Tingo into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Citigroup and Tingo Inc, you can compare the effects of market volatilities on Citigroup and Tingo 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 Tingo. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citigroup and Tingo.
Diversification Opportunities for Citigroup and Tingo
Pay attention - limited upside
The 3 months correlation between Citigroup and Tingo is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Citigroup and Tingo Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tingo Inc 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 Tingo. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tingo Inc has no effect on the direction of Citigroup i.e., Citigroup and Tingo go up and down completely randomly.
Pair Corralation between Citigroup and Tingo
If you would invest 6,360 in Citigroup on August 29, 2024 and sell it today you would earn a total of 615.00 from holding Citigroup or generate 9.67% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 95.65% |
| Values | Daily Returns |
Citigroup vs. Tingo Inc
Performance |
| Timeline |
| Citigroup |
| Tingo Inc |
Citigroup and Tingo Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citigroup and Tingo
The main advantage of trading using opposite Citigroup and Tingo positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citigroup position performs unexpectedly, Tingo 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 Tingo will offset losses from the drop in Tingo's long position.| Citigroup vs. JPMorgan Chase Co | Citigroup vs. Wells Fargo | Citigroup vs. Toronto Dominion Bank | Citigroup vs. Nu Holdings |
| Tingo vs. Palo Alto Networks | Tingo vs. Palantir Technologies Class | Tingo vs. Internet Infinity | Tingo vs. Argentum 47 |
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 Equity Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.
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