Correlation Between Citigroup and Themes Uranium
Can any of the company-specific risk be diversified away by investing in both Citigroup and Themes Uranium 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 Themes Uranium into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Citigroup and Themes Uranium Nuclear, you can compare the effects of market volatilities on Citigroup and Themes Uranium 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 Themes Uranium. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citigroup and Themes Uranium.
Diversification Opportunities for Citigroup and Themes Uranium
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Citigroup and Themes is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Citigroup and Themes Uranium Nuclear in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Themes Uranium Nuclear 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 Themes Uranium. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Themes Uranium Nuclear has no effect on the direction of Citigroup i.e., Citigroup and Themes Uranium go up and down completely randomly.
Pair Corralation between Citigroup and Themes Uranium
If you would invest 4,532 in Citigroup on January 10, 2025 and sell it today you would earn a total of 1,883 from holding Citigroup or generate 41.55% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Citigroup vs. Themes Uranium Nuclear
Performance |
| Timeline |
| Citigroup |
| Themes Uranium Nuclear |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
Citigroup and Themes Uranium Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citigroup and Themes Uranium
The main advantage of trading using opposite Citigroup and Themes Uranium positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citigroup position performs unexpectedly, Themes Uranium 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 Themes Uranium will offset losses from the drop in Themes Uranium's long position.| Citigroup vs. Barclays PLC ADR | Citigroup vs. ING Group NV | Citigroup vs. Banco Santander SA | Citigroup vs. HSBC Holdings PLC |
| Themes Uranium vs. Ultimus Managers Trust | Themes Uranium vs. American Beacon Select | Themes Uranium vs. First Trust Indxx | Themes Uranium vs. Direxion Daily Regional |
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 Valuation module to check real value of public entities based on technical and fundamental data.
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