Correlation Between Citi Trends and SYSCO
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By analyzing existing cross correlation between Citi Trends and SYSCO P 485, you can compare the effects of market volatilities on Citi Trends and SYSCO 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 SYSCO. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citi Trends and SYSCO.
Diversification Opportunities for Citi Trends and SYSCO
-0.14 | Correlation Coefficient |
Good diversification
The 3 months correlation between Citi and SYSCO is -0.14. Overlapping area represents the amount of risk that can be diversified away by holding Citi Trends and SYSCO P 485 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SYSCO P 485 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 SYSCO. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SYSCO P 485 has no effect on the direction of Citi Trends i.e., Citi Trends and SYSCO go up and down completely randomly.
Pair Corralation between Citi Trends and SYSCO
Given the investment horizon of 90 days Citi Trends is expected to generate 2.18 times more return on investment than SYSCO. However, Citi Trends is 2.18 times more volatile than SYSCO P 485. It trades about 0.02 of its potential returns per unit of risk. SYSCO P 485 is currently generating about -0.04 per unit of risk. If you would invest 2,506 in Citi Trends on September 12, 2024 and sell it today you would earn a total of 17.00 from holding Citi Trends or generate 0.68% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 57.26% |
| Values | Daily Returns |
Citi Trends vs. SYSCO P 485
Performance |
| Timeline |
| Citi Trends |
| SYSCO P 485 |
Citi Trends and SYSCO Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citi Trends and SYSCO
The main advantage of trading using opposite Citi Trends and SYSCO positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citi Trends position performs unexpectedly, SYSCO 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 SYSCO will offset losses from the drop in SYSCO's long position.| Citi Trends vs. Foot Locker | Citi Trends vs. Lands End | Citi Trends vs. Duluth Holdings | Citi Trends vs. Destination XL Group |
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 Portfolio Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
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