Correlation Between CITIGROUP and Alvotech
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By analyzing existing cross correlation between CITIGROUP INC 5875 and Alvotech, you can compare the effects of market volatilities on CITIGROUP and Alvotech 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 CITIGROUP with a short position of Alvotech. Check out your portfolio center. Please also check ongoing floating volatility patterns of CITIGROUP and Alvotech.
Diversification Opportunities for CITIGROUP and Alvotech
Pay attention - limited upside
The 3 months correlation between CITIGROUP and Alvotech is -0.75. Overlapping area represents the amount of risk that can be diversified away by holding CITIGROUP INC 5875 and Alvotech in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Alvotech and CITIGROUP 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 CITIGROUP INC 5875 are associated (or correlated) with Alvotech. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Alvotech has no effect on the direction of CITIGROUP i.e., CITIGROUP and Alvotech go up and down completely randomly.
Pair Corralation between CITIGROUP and Alvotech
Assuming the 90 days trading horizon CITIGROUP is expected to generate 9.28 times less return on investment than Alvotech. But when comparing it to its historical volatility, CITIGROUP INC 5875 is 3.26 times less risky than Alvotech. It trades about 0.01 of its potential returns per unit of risk. Alvotech is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest 797.00 in Alvotech on September 3, 2024 and sell it today you would earn a total of 378.00 from holding Alvotech or generate 47.43% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 98.18% |
| Values | Daily Returns |
CITIGROUP INC 5875 vs. Alvotech
Performance |
| Timeline |
| CITIGROUP INC 5875 |
| Alvotech |
CITIGROUP and Alvotech Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CITIGROUP and Alvotech
The main advantage of trading using opposite CITIGROUP and Alvotech positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CITIGROUP position performs unexpectedly, Alvotech 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 Alvotech will offset losses from the drop in Alvotech's long position.| CITIGROUP vs. National Beverage Corp | CITIGROUP vs. Hf Foods Group | CITIGROUP vs. Kontoor Brands | CITIGROUP vs. AMCON Distributing |
| Alvotech vs. Intracellular Th | Alvotech vs. Catalent | Alvotech vs. Amphastar P | Alvotech vs. Assertio Therapeutics |
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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
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