Correlation Between Citigroup and 15189XAX6
Specify exactly 2 symbols:
By analyzing existing cross correlation between Citigroup and CNP 3 01 MAR 32, you can compare the effects of market volatilities on Citigroup and 15189XAX6 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 15189XAX6. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citigroup and 15189XAX6.
Diversification Opportunities for Citigroup and 15189XAX6
Good diversification
The 3 months correlation between Citigroup and 15189XAX6 is -0.05. Overlapping area represents the amount of risk that can be diversified away by holding Citigroup and CNP 3 01 MAR 32 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on 15189XAX6 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 15189XAX6. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of 15189XAX6 has no effect on the direction of Citigroup i.e., Citigroup and 15189XAX6 go up and down completely randomly.
Pair Corralation between Citigroup and 15189XAX6
Taking into account the 90-day investment horizon Citigroup is expected to generate 1.6 times more return on investment than 15189XAX6. However, Citigroup is 1.6 times more volatile than CNP 3 01 MAR 32. It trades about 0.26 of its potential returns per unit of risk. CNP 3 01 MAR 32 is currently generating about -0.21 per unit of risk. 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 | Moves Against |
| Strength | Insignificant |
| Accuracy | 66.67% |
| Values | Daily Returns |
Citigroup vs. CNP 3 01 MAR 32
Performance |
| Timeline |
| Citigroup |
| 15189XAX6 |
Citigroup and 15189XAX6 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citigroup and 15189XAX6
The main advantage of trading using opposite Citigroup and 15189XAX6 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citigroup position performs unexpectedly, 15189XAX6 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 15189XAX6 will offset losses from the drop in 15189XAX6's long position.| Citigroup vs. JPMorgan Chase Co | Citigroup vs. Wells Fargo | Citigroup vs. Toronto Dominion Bank | Citigroup vs. Nu Holdings |
| 15189XAX6 vs. ATT Inc | 15189XAX6 vs. Home Depot | 15189XAX6 vs. Cisco Systems | 15189XAX6 vs. Dupont De Nemours |
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 Premium Stories module to follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope.
Other Complementary Tools
| Money Managers Screen money managers from public funds and ETFs managed around the world | |
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine | |
| Bonds Directory Find actively traded corporate debentures issued by US companies | |
| Risk-Return Analysis View associations between returns expected from investment and the risk you assume | |
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity |