Correlation Between Citigroup and PIONEER
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By analyzing existing cross correlation between Citigroup and PIONEER NATURAL RESOURCES, you can compare the effects of market volatilities on Citigroup and PIONEER 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 PIONEER. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citigroup and PIONEER.
Diversification Opportunities for Citigroup and PIONEER
Pay attention - limited upside
The 3 months correlation between Citigroup and PIONEER is -0.72. Overlapping area represents the amount of risk that can be diversified away by holding Citigroup and PIONEER NATURAL RESOURCES in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PIONEER NATURAL RESOURCES 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 PIONEER. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PIONEER NATURAL RESOURCES has no effect on the direction of Citigroup i.e., Citigroup and PIONEER go up and down completely randomly.
Pair Corralation between Citigroup and PIONEER
Taking into account the 90-day investment horizon Citigroup is expected to generate 3.53 times more return on investment than PIONEER. However, Citigroup is 3.53 times more volatile than PIONEER NATURAL RESOURCES. It trades about 0.21 of its potential returns per unit of risk. PIONEER NATURAL RESOURCES is currently generating about -0.13 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 Against |
| Strength | Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
Citigroup vs. PIONEER NATURAL RESOURCES
Performance |
| Timeline |
| Citigroup |
| PIONEER NATURAL RESOURCES |
Citigroup and PIONEER Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citigroup and PIONEER
The main advantage of trading using opposite Citigroup and PIONEER positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citigroup position performs unexpectedly, PIONEER 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 PIONEER will offset losses from the drop in PIONEER's long position.| Citigroup vs. JPMorgan Chase Co | Citigroup vs. Wells Fargo | Citigroup vs. Toronto Dominion Bank | Citigroup vs. Nu Holdings |
| PIONEER vs. AEP TEX INC | PIONEER vs. US BANK NATIONAL | PIONEER vs. Bank of America | PIONEER vs. GE Aerospace |
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 Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
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