Correlation Between Citigroup and IShares EUR
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By analyzing existing cross correlation between Citigroup and iShares EUR Cash, you can compare the effects of market volatilities on Citigroup and IShares EUR 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 IShares EUR. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citigroup and IShares EUR.
Diversification Opportunities for Citigroup and IShares EUR
-0.55 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Citigroup and IShares is -0.55. Overlapping area represents the amount of risk that can be diversified away by holding Citigroup and iShares EUR Cash in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on iShares EUR Cash 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 IShares EUR. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of iShares EUR Cash has no effect on the direction of Citigroup i.e., Citigroup and IShares EUR go up and down completely randomly.
Pair Corralation between Citigroup and IShares EUR
Taking into account the 90-day investment horizon Citigroup is expected to generate 33.1 times more return on investment than IShares EUR. However, Citigroup is 33.1 times more volatile than iShares EUR Cash. It trades about 0.1 of its potential returns per unit of risk. iShares EUR Cash is currently generating about 0.24 per unit of risk. If you would invest 7,149 in Citigroup on October 16, 2024 and sell it today you would earn a total of 212.00 from holding Citigroup or generate 2.97% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 89.47% |
| Values | Daily Returns |
Citigroup vs. iShares EUR Cash
Performance |
| Timeline |
| Citigroup |
| iShares EUR Cash |
Citigroup and IShares EUR Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citigroup and IShares EUR
The main advantage of trading using opposite Citigroup and IShares EUR positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citigroup position performs unexpectedly, IShares EUR 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 IShares EUR will offset losses from the drop in IShares EUR's long position.| Citigroup vs. Nu Holdings | Citigroup vs. Canadian Imperial Bank | Citigroup vs. Bank of Montreal | Citigroup vs. Bank of Nova |
| IShares EUR vs. iShares Govt Bond | IShares EUR vs. iShares Global AAA AA | IShares EUR vs. iShares Smart City | IShares EUR vs. iShares Broad High |
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 Idea Optimizer module to use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio .
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