Correlation Between Citigroup and ANZNZ
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By analyzing existing cross correlation between Citigroup and ANZNZ 345 17 JUL 27, you can compare the effects of market volatilities on Citigroup and ANZNZ 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 ANZNZ. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citigroup and ANZNZ.
Diversification Opportunities for Citigroup and ANZNZ
Poor diversification
The 3 months correlation between Citigroup and ANZNZ is 0.69. Overlapping area represents the amount of risk that can be diversified away by holding Citigroup and ANZNZ 345 17 JUL 27 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ANZNZ 345 17 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 ANZNZ. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ANZNZ 345 17 has no effect on the direction of Citigroup i.e., Citigroup and ANZNZ go up and down completely randomly.
Pair Corralation between Citigroup and ANZNZ
Taking into account the 90-day investment horizon Citigroup is expected to generate 12.09 times more return on investment than ANZNZ. However, Citigroup is 12.09 times more volatile than ANZNZ 345 17 JUL 27. It trades about 0.25 of its potential returns per unit of risk. ANZNZ 345 17 JUL 27 is currently generating about -0.25 per unit of risk. If you would invest 6,360 in Citigroup on August 28, 2024 and sell it today you would earn a total of 715.00 from holding Citigroup or generate 11.24% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 33.33% |
| Values | Daily Returns |
Citigroup vs. ANZNZ 345 17 JUL 27
Performance |
| Timeline |
| Citigroup |
| ANZNZ 345 17 |
Citigroup and ANZNZ Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citigroup and ANZNZ
The main advantage of trading using opposite Citigroup and ANZNZ positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citigroup position performs unexpectedly, ANZNZ 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 ANZNZ will offset losses from the drop in ANZNZ's long position.| Citigroup vs. Nu Holdings | Citigroup vs. HSBC Holdings PLC | Citigroup vs. Bank of Montreal | Citigroup vs. Bank of Nova |
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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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
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