Correlation Between Citigroup and MQGAU
Specify exactly 2 symbols:
By analyzing existing cross correlation between Citigroup and MQGAU 5376057 23 SEP 27, 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 0.49. Overlapping area represents the amount of risk that can be diversified away by holding Citigroup and MQGAU 5376057 23 SEP 27 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MQGAU 5376057 23 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 5376057 23 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 22.59 times more return on investment than MQGAU. However, Citigroup is 22.59 times more volatile than MQGAU 5376057 23 SEP 27. It trades about 0.16 of its potential returns per unit of risk. MQGAU 5376057 23 SEP 27 is currently generating about 0.05 per unit of risk. If you would invest 6,092 in Citigroup on November 2, 2024 and sell it today you would earn a total of 2,094 from holding Citigroup or generate 34.37% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 29.13% |
| Values | Daily Returns |
Citigroup vs. MQGAU 5376057 23 SEP 27
Performance |
| Timeline |
| Citigroup |
| MQGAU 5376057 23 |
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. Royal Bank of | Citigroup vs. Nu Holdings | Citigroup vs. HSBC Holdings PLC | Citigroup vs. Canadian Imperial Bank |
| MQGAU vs. TFI International | MQGAU vs. Norfolk Southern | MQGAU vs. Seadrill Limited | MQGAU vs. Precision Drilling |
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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
Other Complementary Tools
| Global Correlations Find global opportunities by holding instruments from different markets | |
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
| Risk-Return Analysis View associations between returns expected from investment and the risk you assume | |
| Portfolio Suggestion Get suggestions outside of your existing asset allocation including your own model portfolios | |
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine |