Correlation Between Citigroup and Tutogen Medical
Can any of the company-specific risk be diversified away by investing in both Citigroup and Tutogen Medical 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 Tutogen Medical into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Citigroup and Tutogen Medical, you can compare the effects of market volatilities on Citigroup and Tutogen Medical 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 Tutogen Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citigroup and Tutogen Medical.
Diversification Opportunities for Citigroup and Tutogen Medical
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Citigroup and Tutogen is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Citigroup and Tutogen Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tutogen Medical 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 Tutogen Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tutogen Medical has no effect on the direction of Citigroup i.e., Citigroup and Tutogen Medical go up and down completely randomly.
Pair Corralation between Citigroup and Tutogen Medical
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 | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Citigroup vs. Tutogen Medical
Performance |
| Timeline |
| Citigroup |
| Tutogen Medical |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Citigroup and Tutogen Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citigroup and Tutogen Medical
The main advantage of trading using opposite Citigroup and Tutogen Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citigroup position performs unexpectedly, Tutogen Medical 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 Tutogen Medical will offset losses from the drop in Tutogen Medical's long position.| Citigroup vs. JPMorgan Chase Co | Citigroup vs. Wells Fargo | Citigroup vs. Toronto Dominion Bank | Citigroup vs. Nu Holdings |
| Tutogen Medical vs. Uber Technologies | Tutogen Medical vs. Anheuser Busch Inbev | Tutogen Medical vs. Compania Cervecerias Unidas | Tutogen Medical vs. Radcom |
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 Comparator module to compare the composition, asset allocations and performance of any two portfolios in your account.
Other Complementary Tools
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios | |
| Money Managers Screen money managers from public funds and ETFs managed around the world | |
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing | |
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance |