Correlation Between Citizens and TRAVELERS
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By analyzing existing cross correlation between Citizens and TRAVELERS INS GROUP, you can compare the effects of market volatilities on Citizens and TRAVELERS 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 TRAVELERS. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citizens and TRAVELERS.
Diversification Opportunities for Citizens and TRAVELERS
Excellent diversification
The 3 months correlation between Citizens and TRAVELERS is -0.61. Overlapping area represents the amount of risk that can be diversified away by holding Citizens and TRAVELERS INS GROUP in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on TRAVELERS INS GROUP 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 TRAVELERS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of TRAVELERS INS GROUP has no effect on the direction of Citizens i.e., Citizens and TRAVELERS go up and down completely randomly.
Pair Corralation between Citizens and TRAVELERS
Considering the 90-day investment horizon Citizens is expected to under-perform the TRAVELERS. In addition to that, Citizens is 11.95 times more volatile than TRAVELERS INS GROUP. It trades about -0.1 of its total potential returns per unit of risk. TRAVELERS INS GROUP is currently generating about 0.14 per unit of volatility. If you would invest 10,364 in TRAVELERS INS GROUP on December 6, 2024 and sell it today you would earn a total of 71.00 from holding TRAVELERS INS GROUP or generate 0.69% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 71.43% |
| Values | Daily Returns |
Citizens vs. TRAVELERS INS GROUP
Performance |
| Timeline |
| Citizens |
| TRAVELERS INS GROUP |
Citizens and TRAVELERS Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citizens and TRAVELERS
The main advantage of trading using opposite Citizens and TRAVELERS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citizens position performs unexpectedly, TRAVELERS 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 TRAVELERS will offset losses from the drop in TRAVELERS's long position.| Citizens vs. CNO Financial Group | ||
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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 Bond Analysis module to evaluate and analyze corporate bonds as a potential investment for your portfolios..
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