Correlation Between Citi Trends and NORSK
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By analyzing existing cross correlation between Citi Trends and NORSK HYDRO A, you can compare the effects of market volatilities on Citi Trends and NORSK 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 NORSK. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citi Trends and NORSK.
Diversification Opportunities for Citi Trends and NORSK
-0.01 | Correlation Coefficient |
Good diversification
The 3 months correlation between Citi and NORSK is -0.01. Overlapping area represents the amount of risk that can be diversified away by holding Citi Trends and NORSK HYDRO A in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NORSK HYDRO A 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 NORSK. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NORSK HYDRO A has no effect on the direction of Citi Trends i.e., Citi Trends and NORSK go up and down completely randomly.
Pair Corralation between Citi Trends and NORSK
Given the investment horizon of 90 days Citi Trends is expected to generate 9.09 times more return on investment than NORSK. However, Citi Trends is 9.09 times more volatile than NORSK HYDRO A. It trades about 0.09 of its potential returns per unit of risk. NORSK HYDRO A is currently generating about 0.07 per unit of risk. If you would invest 1,889 in Citi Trends on September 1, 2024 and sell it today you would earn a total of 106.00 from holding Citi Trends or generate 5.61% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.24% |
| Values | Daily Returns |
Citi Trends vs. NORSK HYDRO A
Performance |
| Timeline |
| Citi Trends |
| NORSK HYDRO A |
Citi Trends and NORSK Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citi Trends and NORSK
The main advantage of trading using opposite Citi Trends and NORSK positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citi Trends position performs unexpectedly, NORSK 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 NORSK will offset losses from the drop in NORSK's long position.| Citi Trends vs. JJill Inc | Citi Trends vs. Zumiez Inc | Citi Trends vs. Tillys Inc | Citi Trends vs. Duluth Holdings |
| NORSK vs. Magnite | NORSK vs. National CineMedia | NORSK vs. WiMi Hologram Cloud | NORSK vs. Dolphin Entertainment |
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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
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