Correlation Between Citizens and KINDER
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By analyzing existing cross correlation between Citizens and KINDER MORGAN ENERGY, you can compare the effects of market volatilities on Citizens and KINDER 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 KINDER. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citizens and KINDER.
Diversification Opportunities for Citizens and KINDER
Very good diversification
The 3 months correlation between Citizens and KINDER is -0.47. Overlapping area represents the amount of risk that can be diversified away by holding Citizens and KINDER MORGAN ENERGY in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on KINDER MORGAN ENERGY 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 KINDER. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of KINDER MORGAN ENERGY has no effect on the direction of Citizens i.e., Citizens and KINDER go up and down completely randomly.
Pair Corralation between Citizens and KINDER
Considering the 90-day investment horizon Citizens is expected to generate 3.11 times more return on investment than KINDER. However, Citizens is 3.11 times more volatile than KINDER MORGAN ENERGY. It trades about 0.1 of its potential returns per unit of risk. KINDER MORGAN ENERGY is currently generating about -0.03 per unit of risk. If you would invest 297.00 in Citizens on August 31, 2024 and sell it today you would earn a total of 151.00 from holding Citizens or generate 50.84% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 92.13% |
| Values | Daily Returns |
Citizens vs. KINDER MORGAN ENERGY
Performance |
| Timeline |
| Citizens |
| KINDER MORGAN ENERGY |
Citizens and KINDER Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citizens and KINDER
The main advantage of trading using opposite Citizens and KINDER positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citizens position performs unexpectedly, KINDER 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 KINDER will offset losses from the drop in KINDER's long position.| Citizens vs. Lincoln National | Citizens vs. Aflac Incorporated | Citizens vs. Unum Group | Citizens vs. Manulife Financial Corp |
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 Premium Stories module to follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope.
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