Correlation Between Citigroup and QUALCOMM
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By analyzing existing cross correlation between Citigroup and QUALCOMM INC 43, you can compare the effects of market volatilities on Citigroup and QUALCOMM 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 QUALCOMM. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citigroup and QUALCOMM.
Diversification Opportunities for Citigroup and QUALCOMM
Pay attention - limited upside
The 3 months correlation between Citigroup and QUALCOMM is -0.77. Overlapping area represents the amount of risk that can be diversified away by holding Citigroup and QUALCOMM INC 43 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on QUALCOMM INC 43 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 QUALCOMM. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of QUALCOMM INC 43 has no effect on the direction of Citigroup i.e., Citigroup and QUALCOMM go up and down completely randomly.
Pair Corralation between Citigroup and QUALCOMM
Taking into account the 90-day investment horizon Citigroup is expected to generate 2.03 times more return on investment than QUALCOMM. However, Citigroup is 2.03 times more volatile than QUALCOMM INC 43. It trades about 0.26 of its potential returns per unit of risk. QUALCOMM INC 43 is currently generating about -0.02 per unit of risk. If you would invest 6,361 in Citigroup on September 1, 2024 and sell it today you would earn a total of 726.00 from holding Citigroup or generate 11.41% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
Citigroup vs. QUALCOMM INC 43
Performance |
| Timeline |
| Citigroup |
| QUALCOMM INC 43 |
Citigroup and QUALCOMM Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citigroup and QUALCOMM
The main advantage of trading using opposite Citigroup and QUALCOMM positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citigroup position performs unexpectedly, QUALCOMM 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 QUALCOMM will offset losses from the drop in QUALCOMM's long position.| Citigroup vs. JPMorgan Chase Co | Citigroup vs. Wells Fargo | Citigroup vs. Toronto Dominion Bank | Citigroup vs. Nu Holdings |
| QUALCOMM vs. Olympic Steel | QUALCOMM vs. Shake Shack | QUALCOMM vs. Pool Corporation | QUALCOMM vs. Coupang LLC |
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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.
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