Correlation Between Citi Trends and NDASS
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By analyzing existing cross correlation between Citi Trends and NDASS 6625, you can compare the effects of market volatilities on Citi Trends and NDASS 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 NDASS. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citi Trends and NDASS.
Diversification Opportunities for Citi Trends and NDASS
0.72 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Citi and NDASS is 0.72. Overlapping area represents the amount of risk that can be diversified away by holding Citi Trends and NDASS 6625 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NDASS 6625 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 NDASS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NDASS 6625 has no effect on the direction of Citi Trends i.e., Citi Trends and NDASS go up and down completely randomly.
Pair Corralation between Citi Trends and NDASS
Given the investment horizon of 90 days Citi Trends is expected to generate 19.19 times more return on investment than NDASS. However, Citi Trends is 19.19 times more volatile than NDASS 6625. It trades about 0.09 of its potential returns per unit of risk. NDASS 6625 is currently generating about -0.36 per unit of risk. If you would invest 1,885 in Citi Trends on September 2, 2024 and sell it today you would earn a total of 110.00 from holding Citi Trends or generate 5.84% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 47.62% |
| Values | Daily Returns |
Citi Trends vs. NDASS 6625
Performance |
| Timeline |
| Citi Trends |
| NDASS 6625 |
Citi Trends and NDASS Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citi Trends and NDASS
The main advantage of trading using opposite Citi Trends and NDASS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citi Trends position performs unexpectedly, NDASS 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 NDASS will offset losses from the drop in NDASS's long position.| Citi Trends vs. JJill Inc | Citi Trends vs. Zumiez Inc | Citi Trends vs. Tillys Inc | Citi Trends vs. Duluth Holdings |
| NDASS vs. Citi Trends | NDASS vs. Porvair plc | NDASS vs. Addus HomeCare | NDASS vs. Mid Atlantic Home Health |
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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
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