Correlation Between Citigroup and 693475BD6
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By analyzing existing cross correlation between Citigroup and PNC 6, you can compare the effects of market volatilities on Citigroup and 693475BD6 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 693475BD6. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citigroup and 693475BD6.
Diversification Opportunities for Citigroup and 693475BD6
Excellent diversification
The 3 months correlation between Citigroup and 693475BD6 is -0.62. Overlapping area represents the amount of risk that can be diversified away by holding Citigroup and PNC 6 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on 693475BD6 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 693475BD6. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of 693475BD6 has no effect on the direction of Citigroup i.e., Citigroup and 693475BD6 go up and down completely randomly.
Pair Corralation between Citigroup and 693475BD6
Taking into account the 90-day investment horizon Citigroup is expected to generate 1.01 times more return on investment than 693475BD6. However, Citigroup is 1.01 times more volatile than PNC 6. It trades about 0.07 of its potential returns per unit of risk. PNC 6 is currently generating about 0.01 per unit of risk. If you would invest 4,117 in Citigroup on August 28, 2024 and sell it today you would earn a total of 2,958 from holding Citigroup or generate 71.85% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 96.57% |
| Values | Daily Returns |
Citigroup vs. PNC 6
Performance |
| Timeline |
| Citigroup |
| 693475BD6 |
Citigroup and 693475BD6 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citigroup and 693475BD6
The main advantage of trading using opposite Citigroup and 693475BD6 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citigroup position performs unexpectedly, 693475BD6 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 693475BD6 will offset losses from the drop in 693475BD6's long position.| Citigroup vs. Nu Holdings | Citigroup vs. HSBC Holdings PLC | Citigroup vs. Bank of Montreal | Citigroup vs. Bank of Nova |
| 693475BD6 vs. AEP TEX INC | 693475BD6 vs. US BANK NATIONAL | 693475BD6 vs. 3M Company | 693475BD6 vs. Alcoa Corp |
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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
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