Correlation Between Citigroup and Universal Robina
Can any of the company-specific risk be diversified away by investing in both Citigroup and Universal Robina at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Citigroup and Universal Robina into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Citigroup and Universal Robina, you can compare the effects of market volatilities on Citigroup and Universal Robina 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 Universal Robina. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citigroup and Universal Robina.
Diversification Opportunities for Citigroup and Universal Robina
-0.22 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Citigroup and Universal is -0.22. Overlapping area represents the amount of risk that can be diversified away by holding Citigroup and Universal Robina in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Universal Robina 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 Universal Robina. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Universal Robina has no effect on the direction of Citigroup i.e., Citigroup and Universal Robina go up and down completely randomly.
Pair Corralation between Citigroup and Universal Robina
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 | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
Citigroup vs. Universal Robina
Performance |
| Timeline |
| Citigroup |
| Universal Robina |
Citigroup and Universal Robina Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citigroup and Universal Robina
The main advantage of trading using opposite Citigroup and Universal Robina positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citigroup position performs unexpectedly, Universal Robina 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 Universal Robina will offset losses from the drop in Universal Robina's long position.| Citigroup vs. JPMorgan Chase Co | Citigroup vs. Wells Fargo | Citigroup vs. Toronto Dominion Bank | Citigroup vs. Nu Holdings |
| Universal Robina vs. Sensient Technologies | Universal Robina vs. The Mosaic | Universal Robina vs. Mativ Holdings | Universal Robina vs. Natural Alternatives International |
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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
Other Complementary Tools
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals | |
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine | |
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
| Share Portfolio Track or share privately all of your investments from the convenience of any device | |
| Performance Analysis Check effects of mean-variance optimization against your current asset allocation |