Correlation Between Old Republic and CITIGROUP
Specify exactly 2 symbols:
By analyzing existing cross correlation between Old Republic International and CITIGROUP INC 6875, you can compare the effects of market volatilities on Old Republic 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 Old Republic with a short position of CITIGROUP. Check out your portfolio center. Please also check ongoing floating volatility patterns of Old Republic and CITIGROUP.
Diversification Opportunities for Old Republic and CITIGROUP
-0.51 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Old and CITIGROUP is -0.51. Overlapping area represents the amount of risk that can be diversified away by holding Old Republic International 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 Old Republic 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 Old Republic International 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 Old Republic i.e., Old Republic and CITIGROUP go up and down completely randomly.
Pair Corralation between Old Republic and CITIGROUP
Considering the 90-day investment horizon Old Republic International is expected to generate 0.54 times more return on investment than CITIGROUP. However, Old Republic International is 1.84 times less risky than CITIGROUP. It trades about 0.1 of its potential returns per unit of risk. CITIGROUP INC 6875 is currently generating about 0.01 per unit of risk. If you would invest 2,253 in Old Republic International on September 4, 2024 and sell it today you would earn a total of 1,590 from holding Old Republic International or generate 70.57% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 62.22% |
| Values | Daily Returns |
Old Republic International vs. CITIGROUP INC 6875
Performance |
| Timeline |
| Old Republic Interna |
| CITIGROUP INC 6875 |
Old Republic and CITIGROUP Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Old Republic and CITIGROUP
The main advantage of trading using opposite Old Republic and CITIGROUP positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Old Republic 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.| Old Republic vs. Progressive Corp | Old Republic vs. Cincinnati Financial | Old Republic vs. W R Berkley | Old Republic vs. The Allstate |
| CITIGROUP vs. Compania Cervecerias Unidas | CITIGROUP vs. Old Republic International | CITIGROUP vs. Trupanion | CITIGROUP vs. Cincinnati Financial |
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 Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.
Other Complementary Tools
| Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency | |
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
| Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators | |
| Stocks Directory Find actively traded stocks across global markets | |
| Pair Correlation Compare performance and examine fundamental relationship between any two equity instruments |