Correlation Between Citigroup and MQGAU
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By analyzing existing cross correlation between Citigroup and MQGAU 6798 18 JAN 33, you can compare the effects of market volatilities on Citigroup and MQGAU 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 MQGAU. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citigroup and MQGAU.
Diversification Opportunities for Citigroup and MQGAU
Very weak diversification
The 3 months correlation between Citigroup and MQGAU is 0.45. Overlapping area represents the amount of risk that can be diversified away by holding Citigroup and MQGAU 6798 18 JAN 33 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MQGAU 6798 18 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 MQGAU. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MQGAU 6798 18 has no effect on the direction of Citigroup i.e., Citigroup and MQGAU go up and down completely randomly.
Pair Corralation between Citigroup and MQGAU
Taking into account the 90-day investment horizon Citigroup is expected to generate 1.14 times more return on investment than MQGAU. However, Citigroup is 1.14 times more volatile than MQGAU 6798 18 JAN 33. It trades about 0.21 of its potential returns per unit of risk. MQGAU 6798 18 JAN 33 is currently generating about -0.36 per unit of risk. If you would invest 6,393 in Citigroup on August 31, 2024 and sell it today you would earn a total of 623.00 from holding Citigroup or generate 9.75% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 36.36% |
| Values | Daily Returns |
Citigroup vs. MQGAU 6798 18 JAN 33
Performance |
| Timeline |
| Citigroup |
| MQGAU 6798 18 |
Citigroup and MQGAU Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citigroup and MQGAU
The main advantage of trading using opposite Citigroup and MQGAU positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citigroup position performs unexpectedly, MQGAU 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 MQGAU will offset losses from the drop in MQGAU's long position.| Citigroup vs. JPMorgan Chase Co | Citigroup vs. Wells Fargo | Citigroup vs. Toronto Dominion Bank | Citigroup vs. Nu Holdings |
| MQGAU vs. European Wax Center | MQGAU vs. Skechers USA | MQGAU vs. Procter Gamble | MQGAU vs. World Houseware Limited |
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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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