Correlation Between Eat Beyond and CITIGROUP
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By analyzing existing cross correlation between Eat Beyond Global and CITIGROUP INC 6625, you can compare the effects of market volatilities on Eat Beyond and CITIGROUP 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 Eat Beyond with a short position of CITIGROUP. Check out your portfolio center. Please also check ongoing floating volatility patterns of Eat Beyond and CITIGROUP.
Diversification Opportunities for Eat Beyond and CITIGROUP
0.19 | Correlation Coefficient |
Average diversification
The 3 months correlation between Eat and CITIGROUP is 0.19. Overlapping area represents the amount of risk that can be diversified away by holding Eat Beyond Global and CITIGROUP INC 6625 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CITIGROUP INC 6625 and Eat Beyond 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 Eat Beyond Global are associated (or correlated) with CITIGROUP. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CITIGROUP INC 6625 has no effect on the direction of Eat Beyond i.e., Eat Beyond and CITIGROUP go up and down completely randomly.
Pair Corralation between Eat Beyond and CITIGROUP
Assuming the 90 days horizon Eat Beyond Global is expected to generate 83.27 times more return on investment than CITIGROUP. However, Eat Beyond is 83.27 times more volatile than CITIGROUP INC 6625. It trades about 0.21 of its potential returns per unit of risk. CITIGROUP INC 6625 is currently generating about -0.04 per unit of risk. If you would invest 3.20 in Eat Beyond Global on September 1, 2024 and sell it today you would earn a total of 3.40 from holding Eat Beyond Global or generate 106.25% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
Eat Beyond Global vs. CITIGROUP INC 6625
Performance |
| Timeline |
| Eat Beyond Global |
| CITIGROUP INC 6625 |
Eat Beyond and CITIGROUP Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Eat Beyond and CITIGROUP
The main advantage of trading using opposite Eat Beyond and CITIGROUP positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Eat Beyond position performs unexpectedly, CITIGROUP 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 CITIGROUP will offset losses from the drop in CITIGROUP's long position.| Eat Beyond vs. Elysee Development Corp | Eat Beyond vs. Azimut Holding SpA | Eat Beyond vs. Ameritrans Capital Corp | Eat Beyond vs. Aimia Inc |
| CITIGROUP vs. Ryman Hospitality Properties | CITIGROUP vs. Sweetgreen | CITIGROUP vs. Asure Software | CITIGROUP vs. Amkor Technology |
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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
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