Correlation Between Citizens and HYATT
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By analyzing existing cross correlation between Citizens and HYATT HOTELS P, you can compare the effects of market volatilities on Citizens and HYATT 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 Citizens with a short position of HYATT. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citizens and HYATT.
Diversification Opportunities for Citizens and HYATT
Very good diversification
The 3 months correlation between Citizens and HYATT is -0.4. Overlapping area represents the amount of risk that can be diversified away by holding Citizens and HYATT HOTELS P in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HYATT HOTELS P and Citizens 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 Citizens are associated (or correlated) with HYATT. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HYATT HOTELS P has no effect on the direction of Citizens i.e., Citizens and HYATT go up and down completely randomly.
Pair Corralation between Citizens and HYATT
Considering the 90-day investment horizon Citizens is expected to generate 9.05 times more return on investment than HYATT. However, Citizens is 9.05 times more volatile than HYATT HOTELS P. It trades about 0.06 of its potential returns per unit of risk. HYATT HOTELS P is currently generating about 0.02 per unit of risk. If you would invest 314.00 in Citizens on September 2, 2024 and sell it today you would earn a total of 134.00 from holding Citizens or generate 42.68% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 95.56% |
| Values | Daily Returns |
Citizens vs. HYATT HOTELS P
Performance |
| Timeline |
| Citizens |
| HYATT HOTELS P |
Citizens and HYATT Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citizens and HYATT
The main advantage of trading using opposite Citizens and HYATT positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citizens position performs unexpectedly, HYATT 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 HYATT will offset losses from the drop in HYATT's long position.| Citizens vs. CNO Financial Group | Citizens vs. Brighthouse Financial | Citizens vs. FG Annuities Life | Citizens vs. Prudential Public Limited |
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 Comparator module to compare the composition, asset allocations and performance of any two portfolios in your account.
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