Correlation Between Citizens and NISOURCE
Specify exactly 2 symbols:
By analyzing existing cross correlation between Citizens and NISOURCE FIN P, you can compare the effects of market volatilities on Citizens and NISOURCE 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 NISOURCE. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citizens and NISOURCE.
Diversification Opportunities for Citizens and NISOURCE
Average diversification
The 3 months correlation between Citizens and NISOURCE is 0.11. Overlapping area represents the amount of risk that can be diversified away by holding Citizens and NISOURCE FIN P in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NISOURCE FIN 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 NISOURCE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NISOURCE FIN P has no effect on the direction of Citizens i.e., Citizens and NISOURCE go up and down completely randomly.
Pair Corralation between Citizens and NISOURCE
Considering the 90-day investment horizon Citizens is expected to generate 4.78 times more return on investment than NISOURCE. However, Citizens is 4.78 times more volatile than NISOURCE FIN P. It trades about 0.15 of its potential returns per unit of risk. NISOURCE FIN P is currently generating about 0.06 per unit of risk. If you would invest 304.00 in Citizens on September 3, 2024 and sell it today you would earn a total of 144.00 from holding Citizens or generate 47.37% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 75.0% |
| Values | Daily Returns |
Citizens vs. NISOURCE FIN P
Performance |
| Timeline |
| Citizens |
| NISOURCE FIN P |
Citizens and NISOURCE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citizens and NISOURCE
The main advantage of trading using opposite Citizens and NISOURCE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citizens position performs unexpectedly, NISOURCE 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 NISOURCE will offset losses from the drop in NISOURCE's long position.| Citizens vs. CNO Financial Group | Citizens vs. Brighthouse Financial | Citizens vs. FG Annuities Life | Citizens vs. Prudential Public Limited |
| NISOURCE vs. Yum Brands | NISOURCE vs. The Hanover Insurance | NISOURCE vs. Citizens | NISOURCE vs. Trupanion |
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 Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
Other Complementary Tools
| Portfolio Volatility Check portfolio volatility and analyze historical return density to properly model market risk | |
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences | |
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing | |
| ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments | |
| Share Portfolio Track or share privately all of your investments from the convenience of any device |