Correlation Between NI Holdings and CITIGROUP
Specify exactly 2 symbols:
By analyzing existing cross correlation between NI Holdings and CITIGROUP INC 585, you can compare the effects of market volatilities on NI Holdings 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 NI Holdings with a short position of CITIGROUP. Check out your portfolio center. Please also check ongoing floating volatility patterns of NI Holdings and CITIGROUP.
Diversification Opportunities for NI Holdings and CITIGROUP
0.12 | Correlation Coefficient |
Average diversification
The 3 months correlation between NODK and CITIGROUP is 0.12. Overlapping area represents the amount of risk that can be diversified away by holding NI Holdings and CITIGROUP INC 585 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CITIGROUP INC 585 and NI Holdings 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 NI Holdings 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 585 has no effect on the direction of NI Holdings i.e., NI Holdings and CITIGROUP go up and down completely randomly.
Pair Corralation between NI Holdings and CITIGROUP
Given the investment horizon of 90 days NI Holdings is expected to generate 0.91 times more return on investment than CITIGROUP. However, NI Holdings is 1.1 times less risky than CITIGROUP. It trades about 0.06 of its potential returns per unit of risk. CITIGROUP INC 585 is currently generating about 0.04 per unit of risk. If you would invest 1,280 in NI Holdings on August 25, 2024 and sell it today you would earn a total of 390.00 from holding NI Holdings or generate 30.47% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 55.86% |
| Values | Daily Returns |
NI Holdings vs. CITIGROUP INC 585
Performance |
| Timeline |
| NI Holdings |
| CITIGROUP INC 585 |
NI Holdings and CITIGROUP Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with NI Holdings and CITIGROUP
The main advantage of trading using opposite NI Holdings and CITIGROUP positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if NI Holdings 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.| NI Holdings vs. Horace Mann Educators | NI Holdings vs. Donegal Group A | NI Holdings vs. Global Indemnity PLC | NI Holdings vs. Selective Insurance Group |
| CITIGROUP vs. Ironveld Plc | CITIGROUP vs. Employers Holdings | CITIGROUP vs. NI Holdings | CITIGROUP vs. ICC Holdings |
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 Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
Other Complementary Tools
| Odds Of Bankruptcy Get analysis of equity chance of financial distress in the next 2 years | |
| Watchlist Optimization Optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm | |
| FinTech Suite Use AI to screen and filter profitable investment opportunities | |
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk |