Correlation Between Pfizer and CITIGROUP
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By analyzing existing cross correlation between Pfizer Inc and CITIGROUP FDG INC, you can compare the effects of market volatilities on Pfizer 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 Pfizer with a short position of CITIGROUP. Check out your portfolio center. Please also check ongoing floating volatility patterns of Pfizer and CITIGROUP.
Diversification Opportunities for Pfizer and CITIGROUP
Very good diversification
The 3 months correlation between Pfizer and CITIGROUP is -0.35. Overlapping area represents the amount of risk that can be diversified away by holding Pfizer Inc and CITIGROUP FDG INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CITIGROUP FDG INC and Pfizer 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 Pfizer 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 FDG INC has no effect on the direction of Pfizer i.e., Pfizer and CITIGROUP go up and down completely randomly.
Pair Corralation between Pfizer and CITIGROUP
Considering the 90-day investment horizon Pfizer Inc is expected to generate 0.35 times more return on investment than CITIGROUP. However, Pfizer Inc is 2.88 times less risky than CITIGROUP. It trades about -0.16 of its potential returns per unit of risk. CITIGROUP FDG INC is currently generating about -0.16 per unit of risk. If you would invest 2,787 in Pfizer Inc on September 1, 2024 and sell it today you would lose (166.00) from holding Pfizer Inc or give up 5.96% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 33.33% |
Values | Daily Returns |
Pfizer Inc vs. CITIGROUP FDG INC
Performance |
Timeline |
Pfizer Inc |
CITIGROUP FDG INC |
Pfizer and CITIGROUP Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Pfizer and CITIGROUP
The main advantage of trading using opposite Pfizer and CITIGROUP positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Pfizer 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.Pfizer vs. Crinetics Pharmaceuticals | Pfizer vs. Enanta Pharmaceuticals | Pfizer vs. Amicus Therapeutics | Pfizer vs. Connect Biopharma Holdings |
CITIGROUP vs. Lincoln Educational Services | CITIGROUP vs. Grupo Televisa SAB | CITIGROUP vs. Radcom | CITIGROUP vs. WEBTOON Entertainment Common |
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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
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