Correlation Between Citi Trends and JEFFERIES
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By analyzing existing cross correlation between Citi Trends and JEFFERIES GROUP INC, you can compare the effects of market volatilities on Citi Trends and JEFFERIES 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 JEFFERIES. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citi Trends and JEFFERIES.
Diversification Opportunities for Citi Trends and JEFFERIES
-0.32 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Citi and JEFFERIES is -0.32. Overlapping area represents the amount of risk that can be diversified away by holding Citi Trends and JEFFERIES GROUP INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JEFFERIES GROUP INC 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 JEFFERIES. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of JEFFERIES GROUP INC has no effect on the direction of Citi Trends i.e., Citi Trends and JEFFERIES go up and down completely randomly.
Pair Corralation between Citi Trends and JEFFERIES
Given the investment horizon of 90 days Citi Trends is expected to generate 117.07 times less return on investment than JEFFERIES. But when comparing it to its historical volatility, Citi Trends is 17.16 times less risky than JEFFERIES. It trades about 0.01 of its potential returns per unit of risk. JEFFERIES GROUP INC is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest 9,956 in JEFFERIES GROUP INC on September 14, 2024 and sell it today you would earn a total of 184.00 from holding JEFFERIES GROUP INC or generate 1.85% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 73.54% |
| Values | Daily Returns |
Citi Trends vs. JEFFERIES GROUP INC
Performance |
| Timeline |
| Citi Trends |
| JEFFERIES GROUP INC |
Citi Trends and JEFFERIES Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citi Trends and JEFFERIES
The main advantage of trading using opposite Citi Trends and JEFFERIES positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citi Trends position performs unexpectedly, JEFFERIES 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 JEFFERIES will offset losses from the drop in JEFFERIES's long position.| Citi Trends vs. Capri Holdings | Citi Trends vs. Movado Group | Citi Trends vs. Tapestry | Citi Trends vs. Brilliant Earth Group |
| JEFFERIES vs. Li Auto | JEFFERIES vs. JJill Inc | JEFFERIES vs. Citi Trends | JEFFERIES vs. Victorias Secret Co |
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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
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