Correlation Between Citigroup and PINEAPPLE ENERGY
Can any of the company-specific risk be diversified away by investing in both Citigroup and PINEAPPLE ENERGY 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 PINEAPPLE ENERGY into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Citigroup and PINEAPPLE ENERGY DL 05, you can compare the effects of market volatilities on Citigroup and PINEAPPLE ENERGY 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 PINEAPPLE ENERGY. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citigroup and PINEAPPLE ENERGY.
Diversification Opportunities for Citigroup and PINEAPPLE ENERGY
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Citigroup and PINEAPPLE is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Citigroup and PINEAPPLE ENERGY DL 05 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PINEAPPLE ENERGY 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 PINEAPPLE ENERGY. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PINEAPPLE ENERGY has no effect on the direction of Citigroup i.e., Citigroup and PINEAPPLE ENERGY go up and down completely randomly.
Pair Corralation between Citigroup and PINEAPPLE ENERGY
If you would invest 6,064 in Citigroup on September 3, 2024 and sell it today you would earn a total of 1,023 from holding Citigroup or generate 16.87% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Citigroup vs. PINEAPPLE ENERGY DL 05
Performance |
| Timeline |
| Citigroup |
| PINEAPPLE ENERGY |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Citigroup and PINEAPPLE ENERGY Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citigroup and PINEAPPLE ENERGY
The main advantage of trading using opposite Citigroup and PINEAPPLE ENERGY positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citigroup position performs unexpectedly, PINEAPPLE ENERGY 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 PINEAPPLE ENERGY will offset losses from the drop in PINEAPPLE ENERGY's long position.| Citigroup vs. JPMorgan Chase Co | Citigroup vs. Wells Fargo | Citigroup vs. Toronto Dominion Bank | Citigroup vs. Nu Holdings |
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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 File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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