Correlation Between Citi Trends and NSANY
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By analyzing existing cross correlation between Citi Trends and NSANY 2 09 MAR 26, you can compare the effects of market volatilities on Citi Trends and NSANY 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 NSANY. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citi Trends and NSANY.
Diversification Opportunities for Citi Trends and NSANY
-0.17 | Correlation Coefficient |
Good diversification
The 3 months correlation between Citi and NSANY is -0.17. Overlapping area represents the amount of risk that can be diversified away by holding Citi Trends and NSANY 2 09 MAR 26 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NSANY 2 09 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 NSANY. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NSANY 2 09 has no effect on the direction of Citi Trends i.e., Citi Trends and NSANY go up and down completely randomly.
Pair Corralation between Citi Trends and NSANY
Given the investment horizon of 90 days Citi Trends is expected to generate 2.05 times more return on investment than NSANY. However, Citi Trends is 2.05 times more volatile than NSANY 2 09 MAR 26. It trades about 0.31 of its potential returns per unit of risk. NSANY 2 09 MAR 26 is currently generating about -0.26 per unit of risk. If you would invest 1,905 in Citi Trends on September 5, 2024 and sell it today you would earn a total of 714.00 from holding Citi Trends or generate 37.48% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 77.27% |
| Values | Daily Returns |
Citi Trends vs. NSANY 2 09 MAR 26
Performance |
| Timeline |
| Citi Trends |
| NSANY 2 09 |
Citi Trends and NSANY Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citi Trends and NSANY
The main advantage of trading using opposite Citi Trends and NSANY positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citi Trends position performs unexpectedly, NSANY 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 NSANY will offset losses from the drop in NSANY's long position.| Citi Trends vs. JJill Inc | Citi Trends vs. Zumiez Inc | Citi Trends vs. Tillys Inc | Citi Trends vs. Duluth Holdings |
| NSANY vs. Highway Holdings Limited | NSANY vs. Citi Trends | NSANY vs. Proficient Auto Logistics, | NSANY vs. Boot Barn Holdings |
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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