Correlation Between GMS and CITIGROUP
Specify exactly 2 symbols:
By analyzing existing cross correlation between GMS Inc and CITIGROUP INC 6875, you can compare the effects of market volatilities on GMS 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 GMS with a short position of CITIGROUP. Check out your portfolio center. Please also check ongoing floating volatility patterns of GMS and CITIGROUP.
Diversification Opportunities for GMS and CITIGROUP
Very good diversification
The 3 months correlation between GMS and CITIGROUP is -0.5. Overlapping area represents the amount of risk that can be diversified away by holding GMS Inc and CITIGROUP INC 6875 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CITIGROUP INC 6875 and GMS 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 GMS Inc 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 6875 has no effect on the direction of GMS i.e., GMS and CITIGROUP go up and down completely randomly.
Pair Corralation between GMS and CITIGROUP
Considering the 90-day investment horizon GMS Inc is expected to generate 1.0 times more return on investment than CITIGROUP. However, GMS Inc is 1.0 times less risky than CITIGROUP. It trades about 0.05 of its potential returns per unit of risk. CITIGROUP INC 6875 is currently generating about 0.0 per unit of risk. If you would invest 8,073 in GMS Inc on September 12, 2024 and sell it today you would earn a total of 1,427 from holding GMS Inc or generate 17.68% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 73.39% |
| Values | Daily Returns |
GMS Inc vs. CITIGROUP INC 6875
Performance |
| Timeline |
| GMS Inc |
| CITIGROUP INC 6875 |
GMS and CITIGROUP Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GMS and CITIGROUP
The main advantage of trading using opposite GMS and CITIGROUP positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GMS 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.| GMS vs. Quanex Building Products | GMS vs. Apogee Enterprises | GMS vs. Azek Company | GMS vs. Beacon Roofing Supply |
| CITIGROUP vs. Centessa Pharmaceuticals PLC | CITIGROUP vs. RadNet Inc | CITIGROUP vs. Titan Machinery | CITIGROUP vs. GMS Inc |
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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
Other Complementary Tools
| FinTech Suite Use AI to screen and filter profitable investment opportunities | |
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories | |
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments | |
| Fundamental Analysis View fundamental data based on most recent published financial statements | |
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals |