Correlation Between Citigroup and PACIFIC
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By analyzing existing cross correlation between Citigroup and PACIFIC GAS AND, you can compare the effects of market volatilities on Citigroup and PACIFIC 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 PACIFIC. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citigroup and PACIFIC.
Diversification Opportunities for Citigroup and PACIFIC
Excellent diversification
The 3 months correlation between Citigroup and PACIFIC is -0.55. Overlapping area represents the amount of risk that can be diversified away by holding Citigroup and PACIFIC GAS AND in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PACIFIC GAS AND 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 PACIFIC. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PACIFIC GAS AND has no effect on the direction of Citigroup i.e., Citigroup and PACIFIC go up and down completely randomly.
Pair Corralation between Citigroup and PACIFIC
Taking into account the 90-day investment horizon Citigroup is expected to generate 3.32 times more return on investment than PACIFIC. However, Citigroup is 3.32 times more volatile than PACIFIC GAS AND. It trades about 0.19 of its potential returns per unit of risk. PACIFIC GAS AND is currently generating about -0.14 per unit of risk. If you would invest 6,083 in Citigroup on October 24, 2024 and sell it today you would earn a total of 1,916 from holding Citigroup or generate 31.5% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Citigroup vs. PACIFIC GAS AND
Performance |
| Timeline |
| Citigroup |
| PACIFIC GAS AND |
Citigroup and PACIFIC Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citigroup and PACIFIC
The main advantage of trading using opposite Citigroup and PACIFIC positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citigroup position performs unexpectedly, PACIFIC 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 PACIFIC will offset losses from the drop in PACIFIC'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 Portfolio Optimization module to compute new portfolio that will generate highest expected return given your specified tolerance for risk.
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