Correlation Between Citigroup and CARRIER
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By analyzing existing cross correlation between Citigroup and CARRIER GLOBAL P, you can compare the effects of market volatilities on Citigroup and CARRIER 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 CARRIER. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citigroup and CARRIER.
Diversification Opportunities for Citigroup and CARRIER
Pay attention - limited upside
The 3 months correlation between Citigroup and CARRIER is -0.73. Overlapping area represents the amount of risk that can be diversified away by holding Citigroup and CARRIER GLOBAL P in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CARRIER GLOBAL P 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 CARRIER. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CARRIER GLOBAL P has no effect on the direction of Citigroup i.e., Citigroup and CARRIER go up and down completely randomly.
Pair Corralation between Citigroup and CARRIER
Taking into account the 90-day investment horizon Citigroup is expected to generate 32.03 times less return on investment than CARRIER. But when comparing it to its historical volatility, Citigroup is 39.9 times less risky than CARRIER. It trades about 0.07 of its potential returns per unit of risk. CARRIER GLOBAL P is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 7,958 in CARRIER GLOBAL P on September 2, 2024 and sell it today you would lose (1,020) from holding CARRIER GLOBAL P or give up 12.82% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 95.36% |
| Values | Daily Returns |
Citigroup vs. CARRIER GLOBAL P
Performance |
| Timeline |
| Citigroup |
| CARRIER GLOBAL P |
Citigroup and CARRIER Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citigroup and CARRIER
The main advantage of trading using opposite Citigroup and CARRIER positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citigroup position performs unexpectedly, CARRIER 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 CARRIER will offset losses from the drop in CARRIER's long position.| Citigroup vs. JPMorgan Chase Co | Citigroup vs. Wells Fargo | Citigroup vs. Toronto Dominion Bank | Citigroup vs. Nu Holdings |
| CARRIER vs. Playtika Holding Corp | CARRIER vs. Mind Technology | CARRIER vs. Playa Hotels Resorts | CARRIER vs. JD Sports Fashion |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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