Correlation Between Citizens and KIMBERLY
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By analyzing existing cross correlation between Citizens and KIMBERLY CLARK P, you can compare the effects of market volatilities on Citizens and KIMBERLY 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 KIMBERLY. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citizens and KIMBERLY.
Diversification Opportunities for Citizens and KIMBERLY
Excellent diversification
The 3 months correlation between Citizens and KIMBERLY is -0.65. Overlapping area represents the amount of risk that can be diversified away by holding Citizens and KIMBERLY CLARK P in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on KIMBERLY CLARK 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 KIMBERLY. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of KIMBERLY CLARK P has no effect on the direction of Citizens i.e., Citizens and KIMBERLY go up and down completely randomly.
Pair Corralation between Citizens and KIMBERLY
Considering the 90-day investment horizon Citizens is expected to under-perform the KIMBERLY. In addition to that, Citizens is 2.08 times more volatile than KIMBERLY CLARK P. It trades about -0.02 of its total potential returns per unit of risk. KIMBERLY CLARK P is currently generating about 0.21 per unit of volatility. If you would invest 11,604 in KIMBERLY CLARK P on September 2, 2024 and sell it today you would earn a total of 637.00 from holding KIMBERLY CLARK P or generate 5.49% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 76.19% |
| Values | Daily Returns |
Citizens vs. KIMBERLY CLARK P
Performance |
| Timeline |
| Citizens |
| KIMBERLY CLARK P |
Citizens and KIMBERLY Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citizens and KIMBERLY
The main advantage of trading using opposite Citizens and KIMBERLY positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citizens position performs unexpectedly, KIMBERLY 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 KIMBERLY will offset losses from the drop in KIMBERLY's long position.| Citizens vs. CNO Financial Group | Citizens vs. Brighthouse Financial | Citizens vs. FG Annuities Life | Citizens vs. Prudential Public Limited |
| KIMBERLY vs. Aegon NV ADR | KIMBERLY vs. Citizens | KIMBERLY vs. Sun Life Financial | KIMBERLY vs. Grocery Outlet Holding |
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 AI Portfolio Architect module to use AI to generate optimal portfolios and find profitable investment opportunities.
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