Correlation Between Eltek and CITIGROUP
Specify exactly 2 symbols:
By analyzing existing cross correlation between Eltek and CITIGROUP INC 53, you can compare the effects of market volatilities on Eltek 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 Eltek with a short position of CITIGROUP. Check out your portfolio center. Please also check ongoing floating volatility patterns of Eltek and CITIGROUP.
Diversification Opportunities for Eltek and CITIGROUP
Good diversification
The 3 months correlation between Eltek and CITIGROUP is -0.16. Overlapping area represents the amount of risk that can be diversified away by holding Eltek and CITIGROUP INC 53 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CITIGROUP INC 53 and Eltek 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 Eltek 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 53 has no effect on the direction of Eltek i.e., Eltek and CITIGROUP go up and down completely randomly.
Pair Corralation between Eltek and CITIGROUP
Given the investment horizon of 90 days Eltek is expected to generate 3.83 times more return on investment than CITIGROUP. However, Eltek is 3.83 times more volatile than CITIGROUP INC 53. It trades about 0.07 of its potential returns per unit of risk. CITIGROUP INC 53 is currently generating about 0.01 per unit of risk. If you would invest 407.00 in Eltek on November 9, 2024 and sell it today you would earn a total of 719.00 from holding Eltek or generate 176.66% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 96.96% |
| Values | Daily Returns |
Eltek vs. CITIGROUP INC 53
Performance |
| Timeline |
| Eltek |
| CITIGROUP INC 53 |
Eltek and CITIGROUP Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Eltek and CITIGROUP
The main advantage of trading using opposite Eltek and CITIGROUP positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Eltek 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.| Eltek vs. Methode Electronics | Eltek vs. OSI Systems | Eltek vs. Bel Fuse A | Eltek vs. Richardson Electronics |
| CITIGROUP vs. Westrock Coffee | CITIGROUP vs. NetEase | CITIGROUP vs. Ambev SA ADR | CITIGROUP vs. Boyd Gaming |
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 Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
Other Complementary Tools
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum | |
| Risk-Return Analysis View associations between returns expected from investment and the risk you assume | |
| Portfolio Backtesting Avoid under-diversification and over-optimization by backtesting your portfolios | |
| Content Syndication Quickly integrate customizable finance content to your own investment portal | |
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity |