Correlation Between Citigroup and CINTAS
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By analyzing existing cross correlation between Citigroup and CINTAS P NO, you can compare the effects of market volatilities on Citigroup and CINTAS 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 CINTAS. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citigroup and CINTAS.
Diversification Opportunities for Citigroup and CINTAS
Very good diversification
The 3 months correlation between Citigroup and CINTAS is -0.37. Overlapping area represents the amount of risk that can be diversified away by holding Citigroup and CINTAS P NO in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CINTAS P NO 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 CINTAS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CINTAS P NO has no effect on the direction of Citigroup i.e., Citigroup and CINTAS go up and down completely randomly.
Pair Corralation between Citigroup and CINTAS
Taking into account the 90-day investment horizon Citigroup is expected to generate 3.04 times more return on investment than CINTAS. However, Citigroup is 3.04 times more volatile than CINTAS P NO. It trades about 0.26 of its potential returns per unit of risk. CINTAS P NO is currently generating about -0.22 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 | 100.0% |
| Values | Daily Returns |
Citigroup vs. CINTAS P NO
Performance |
| Timeline |
| Citigroup |
| CINTAS P NO |
Citigroup and CINTAS Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citigroup and CINTAS
The main advantage of trading using opposite Citigroup and CINTAS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citigroup position performs unexpectedly, CINTAS 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 CINTAS will offset losses from the drop in CINTAS's long position.| Citigroup vs. JPMorgan Chase Co | Citigroup vs. Wells Fargo | Citigroup vs. Toronto Dominion Bank | Citigroup vs. Nu Holdings |
| CINTAS vs. Northstar Clean Technologies | CINTAS vs. Perseus Mining Limited | CINTAS vs. Chester Mining | CINTAS vs. Datadog |
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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
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