Correlation Between Centessa Pharmaceuticals and CITIGROUP
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By analyzing existing cross correlation between Centessa Pharmaceuticals PLC and CITIGROUP FDG INC, you can compare the effects of market volatilities on Centessa Pharmaceuticals and CITIGROUP 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 Centessa Pharmaceuticals with a short position of CITIGROUP. Check out your portfolio center. Please also check ongoing floating volatility patterns of Centessa Pharmaceuticals and CITIGROUP.
Diversification Opportunities for Centessa Pharmaceuticals and CITIGROUP
0.37 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Centessa and CITIGROUP is 0.37. Overlapping area represents the amount of risk that can be diversified away by holding Centessa Pharmaceuticals PLC and CITIGROUP FDG INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CITIGROUP FDG INC and Centessa Pharmaceuticals 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 Centessa Pharmaceuticals PLC are associated (or correlated) with CITIGROUP. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CITIGROUP FDG INC has no effect on the direction of Centessa Pharmaceuticals i.e., Centessa Pharmaceuticals and CITIGROUP go up and down completely randomly.
Pair Corralation between Centessa Pharmaceuticals and CITIGROUP
Given the investment horizon of 90 days Centessa Pharmaceuticals PLC is expected to generate 0.85 times more return on investment than CITIGROUP. However, Centessa Pharmaceuticals PLC is 1.18 times less risky than CITIGROUP. It trades about 0.1 of its potential returns per unit of risk. CITIGROUP FDG INC is currently generating about 0.01 per unit of risk. If you would invest 364.00 in Centessa Pharmaceuticals PLC on September 1, 2024 and sell it today you would earn a total of 1,427 from holding Centessa Pharmaceuticals PLC or generate 392.03% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 24.62% |
| Values | Daily Returns |
Centessa Pharmaceuticals PLC vs. CITIGROUP FDG INC
Performance |
| Timeline |
| Centessa Pharmaceuticals |
| CITIGROUP FDG INC |
Centessa Pharmaceuticals and CITIGROUP Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Centessa Pharmaceuticals and CITIGROUP
The main advantage of trading using opposite Centessa Pharmaceuticals and CITIGROUP positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Centessa Pharmaceuticals position performs unexpectedly, CITIGROUP 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 CITIGROUP will offset losses from the drop in CITIGROUP's long position.| Centessa Pharmaceuticals vs. Tff Pharmaceuticals | Centessa Pharmaceuticals vs. Eliem Therapeutics | Centessa Pharmaceuticals vs. Inhibrx | Centessa Pharmaceuticals vs. Enliven Therapeutics |
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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 Portfolio Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
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