Correlation Between Citigroup and VETIVA S
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By analyzing existing cross correlation between Citigroup and VETIVA S P, you can compare the effects of market volatilities on Citigroup and VETIVA S 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 VETIVA S. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citigroup and VETIVA S.
Diversification Opportunities for Citigroup and VETIVA S
Significant diversification
The 3 months correlation between Citigroup and VETIVA is 0.01. Overlapping area represents the amount of risk that can be diversified away by holding Citigroup and VETIVA S P in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on VETIVA S P 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 VETIVA S. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of VETIVA S P has no effect on the direction of Citigroup i.e., Citigroup and VETIVA S go up and down completely randomly.
Pair Corralation between Citigroup and VETIVA S
Taking into account the 90-day investment horizon Citigroup is expected to generate 54.57 times less return on investment than VETIVA S. But when comparing it to its historical volatility, Citigroup is 37.72 times less risky than VETIVA S. It trades about 0.08 of its potential returns per unit of risk. VETIVA S P is currently generating about 0.11 of returns per unit of risk over similar time horizon. If you would invest 16,593 in VETIVA S P on September 5, 2024 and sell it today you would earn a total of 4,107 from holding VETIVA S P or generate 24.75% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 98.58% |
| Values | Daily Returns |
Citigroup vs. VETIVA S P
Performance |
| Timeline |
| Citigroup |
| VETIVA S P |
Citigroup and VETIVA S Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citigroup and VETIVA S
The main advantage of trading using opposite Citigroup and VETIVA S positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citigroup position performs unexpectedly, VETIVA S 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 VETIVA S will offset losses from the drop in VETIVA S's long position.| Citigroup vs. JPMorgan Chase Co | Citigroup vs. Wells Fargo | Citigroup vs. Toronto Dominion Bank | Citigroup vs. Nu Holdings |
| VETIVA S vs. GUINEA INSURANCE PLC | VETIVA S vs. SECURE ELECTRONIC TECHNOLOGY | VETIVA S vs. AIRTEL AFRICA PLC | VETIVA S vs. VFD GROUP |
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 Backtesting module to avoid under-diversification and over-optimization by backtesting your portfolios.
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