Correlation Between Citi Trends and Anterix
Can any of the company-specific risk be diversified away by investing in both Citi Trends and Anterix at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Citi Trends and Anterix into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Citi Trends and Anterix, you can compare the effects of market volatilities on Citi Trends and Anterix 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 Citi Trends with a short position of Anterix. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citi Trends and Anterix.
Diversification Opportunities for Citi Trends and Anterix
-0.41 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Citi and Anterix is -0.41. Overlapping area represents the amount of risk that can be diversified away by holding Citi Trends and Anterix in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anterix and Citi Trends 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 Citi Trends are associated (or correlated) with Anterix. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Anterix has no effect on the direction of Citi Trends i.e., Citi Trends and Anterix go up and down completely randomly.
Pair Corralation between Citi Trends and Anterix
Given the investment horizon of 90 days Citi Trends is expected to under-perform the Anterix. In addition to that, Citi Trends is 1.16 times more volatile than Anterix. It trades about -0.04 of its total potential returns per unit of risk. Anterix is currently generating about 0.02 per unit of volatility. If you would invest 3,349 in Anterix on September 1, 2024 and sell it today you would earn a total of 121.00 from holding Anterix or generate 3.61% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Citi Trends vs. Anterix
Performance |
| Timeline |
| Citi Trends |
| Anterix |
Citi Trends and Anterix Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citi Trends and Anterix
The main advantage of trading using opposite Citi Trends and Anterix positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citi Trends position performs unexpectedly, Anterix 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 Anterix will offset losses from the drop in Anterix's long position.| Citi Trends vs. JJill Inc | Citi Trends vs. Zumiez Inc | Citi Trends vs. Tillys Inc | Citi Trends vs. Duluth Holdings |
| Anterix vs. Shenandoah Telecommunications Co | Anterix vs. Liberty Broadband Corp | Anterix vs. Ooma Inc | Anterix vs. IDT Corporation |
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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
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