Correlation Between Citigroup and TNEMAK
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By analyzing existing cross correlation between Citigroup and TNEMAK 3625 28 JUN 31, you can compare the effects of market volatilities on Citigroup and TNEMAK 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 TNEMAK. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citigroup and TNEMAK.
Diversification Opportunities for Citigroup and TNEMAK
Modest diversification
The 3 months correlation between Citigroup and TNEMAK is 0.29. Overlapping area represents the amount of risk that can be diversified away by holding Citigroup and TNEMAK 3625 28 JUN 31 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on TNEMAK 3625 28 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 TNEMAK. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of TNEMAK 3625 28 has no effect on the direction of Citigroup i.e., Citigroup and TNEMAK go up and down completely randomly.
Pair Corralation between Citigroup and TNEMAK
Taking into account the 90-day investment horizon Citigroup is expected to generate 1.39 times more return on investment than TNEMAK. However, Citigroup is 1.39 times more volatile than TNEMAK 3625 28 JUN 31. It trades about 0.08 of its potential returns per unit of risk. TNEMAK 3625 28 JUN 31 is currently generating about 0.08 per unit of risk. If you would invest 6,064 in Citigroup on September 3, 2024 and sell it today you would earn a total of 1,075 from holding Citigroup or generate 17.73% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 23.2% |
| Values | Daily Returns |
Citigroup vs. TNEMAK 3625 28 JUN 31
Performance |
| Timeline |
| Citigroup |
| TNEMAK 3625 28 |
Citigroup and TNEMAK Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citigroup and TNEMAK
The main advantage of trading using opposite Citigroup and TNEMAK positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citigroup position performs unexpectedly, TNEMAK 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 TNEMAK will offset losses from the drop in TNEMAK's long position.| Citigroup vs. JPMorgan Chase Co | Citigroup vs. Wells Fargo | Citigroup vs. Toronto Dominion Bank | Citigroup vs. Nu Holdings |
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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
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