Correlation Between Citi Trends and International Media
Can any of the company-specific risk be diversified away by investing in both Citi Trends and International Media 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 International Media into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Citi Trends and International Media Acquisition, you can compare the effects of market volatilities on Citi Trends and International Media 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 International Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citi Trends and International Media.
Diversification Opportunities for Citi Trends and International Media
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Citi and International is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Citi Trends and International Media Acquisitio in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on International Media 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 International Media. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of International Media has no effect on the direction of Citi Trends i.e., Citi Trends and International Media go up and down completely randomly.
Pair Corralation between Citi Trends and International Media
If you would invest (100.00) in International Media Acquisition on December 4, 2024 and sell it today you would earn a total of 100.00 from holding International Media Acquisition or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Citi Trends vs. International Media Acquisitio
Performance |
| Timeline |
| Citi Trends |
| International Media |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
Citi Trends and International Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citi Trends and International Media
The main advantage of trading using opposite Citi Trends and International Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citi Trends position performs unexpectedly, International Media 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 International Media will offset losses from the drop in International Media's long position.| Citi Trends vs. JJill Inc | Citi Trends vs. Zumiez Inc | Citi Trends vs. Tillys Inc | Citi Trends vs. Duluth Holdings |
| International Media vs. JBG SMITH Properties | International Media vs. Autohome | International Media vs. Compass Diversified Holdings | International Media vs. NorthWestern |
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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
Other Complementary Tools
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments | |
| Money Managers Screen money managers from public funds and ETFs managed around the world | |
| Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios | |
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing | |
| Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance |