Correlation Between Citigroup and HOLOGIC
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By analyzing existing cross correlation between Citigroup and HOLOGIC INC 325, you can compare the effects of market volatilities on Citigroup and HOLOGIC 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 HOLOGIC. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citigroup and HOLOGIC.
Diversification Opportunities for Citigroup and HOLOGIC
Pay attention - limited upside
The 3 months correlation between Citigroup and HOLOGIC is -0.77. Overlapping area represents the amount of risk that can be diversified away by holding Citigroup and HOLOGIC INC 325 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HOLOGIC INC 325 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 HOLOGIC. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HOLOGIC INC 325 has no effect on the direction of Citigroup i.e., Citigroup and HOLOGIC go up and down completely randomly.
Pair Corralation between Citigroup and HOLOGIC
Taking into account the 90-day investment horizon Citigroup is expected to generate 47.47 times less return on investment than HOLOGIC. But when comparing it to its historical volatility, Citigroup is 48.36 times less risky than HOLOGIC. It trades about 0.07 of its potential returns per unit of risk. HOLOGIC INC 325 is currently generating about 0.07 of returns per unit of risk over similar time horizon. If you would invest 8,840 in HOLOGIC INC 325 on September 2, 2024 and sell it today you would lose (118.00) from holding HOLOGIC INC 325 or give up 1.33% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 97.18% |
| Values | Daily Returns |
Citigroup vs. HOLOGIC INC 325
Performance |
| Timeline |
| Citigroup |
| HOLOGIC INC 325 |
Citigroup and HOLOGIC Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citigroup and HOLOGIC
The main advantage of trading using opposite Citigroup and HOLOGIC positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citigroup position performs unexpectedly, HOLOGIC 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 HOLOGIC will offset losses from the drop in HOLOGIC's long position.| Citigroup vs. JPMorgan Chase Co | Citigroup vs. Wells Fargo | Citigroup vs. Toronto Dominion Bank | Citigroup vs. Nu Holdings |
| HOLOGIC vs. Diageo PLC ADR | HOLOGIC vs. Anheuser Busch Inbev | HOLOGIC vs. Universal | HOLOGIC vs. Albertsons Companies |
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 Portfolio Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
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