Correlation Between Salesforce and CITIGROUP
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By analyzing existing cross correlation between Salesforce and CITIGROUP FDG INC, you can compare the effects of market volatilities on Salesforce 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 Salesforce with a short position of CITIGROUP. Check out your portfolio center. Please also check ongoing floating volatility patterns of Salesforce and CITIGROUP.
Diversification Opportunities for Salesforce and CITIGROUP
0.46 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Salesforce and CITIGROUP is 0.46. Overlapping area represents the amount of risk that can be diversified away by holding Salesforce 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 Salesforce 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 Salesforce 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 Salesforce i.e., Salesforce and CITIGROUP go up and down completely randomly.
Pair Corralation between Salesforce and CITIGROUP
Considering the 90-day investment horizon Salesforce is expected to generate 0.47 times more return on investment than CITIGROUP. However, Salesforce is 2.14 times less risky than CITIGROUP. It trades about 0.23 of its potential returns per unit of risk. CITIGROUP FDG INC is currently generating about -0.16 per unit of risk. If you would invest 29,801 in Salesforce on September 3, 2024 and sell it today you would earn a total of 3,198 from holding Salesforce or generate 10.73% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 35.0% |
| Values | Daily Returns |
Salesforce vs. CITIGROUP FDG INC
Performance |
| Timeline |
| Salesforce |
| CITIGROUP FDG INC |
Salesforce and CITIGROUP Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Salesforce and CITIGROUP
The main advantage of trading using opposite Salesforce and CITIGROUP positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Salesforce 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.| Salesforce vs. Zoom Video Communications | Salesforce vs. C3 Ai Inc | Salesforce vs. Shopify | Salesforce vs. Workday |
| CITIGROUP vs. AEP TEX INC | CITIGROUP vs. US BANK NATIONAL | CITIGROUP vs. Jackson Financial | CITIGROUP vs. MetLife |
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 Equity Valuation module to check real value of public entities based on technical and fundamental data.
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