Correlation Between CITIGROUP and 00108WAF7
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By analyzing existing cross correlation between CITIGROUP INC 6875 and AEP TEX INC, you can compare the effects of market volatilities on CITIGROUP and 00108WAF7 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 00108WAF7. Check out your portfolio center. Please also check ongoing floating volatility patterns of CITIGROUP and 00108WAF7.
Diversification Opportunities for CITIGROUP and 00108WAF7
Significant diversification
The 3 months correlation between CITIGROUP and 00108WAF7 is 0.02. Overlapping area represents the amount of risk that can be diversified away by holding CITIGROUP INC 6875 and AEP TEX INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AEP TEX INC 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 6875 are associated (or correlated) with 00108WAF7. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AEP TEX INC has no effect on the direction of CITIGROUP i.e., CITIGROUP and 00108WAF7 go up and down completely randomly.
Pair Corralation between CITIGROUP and 00108WAF7
Assuming the 90 days trading horizon CITIGROUP is expected to generate 1869.18 times less return on investment than 00108WAF7. But when comparing it to its historical volatility, CITIGROUP INC 6875 is 75.8 times less risky than 00108WAF7. It trades about 0.01 of its potential returns per unit of risk. AEP TEX INC is currently generating about 0.14 of returns per unit of risk over similar time horizon. If you would invest 7,455 in AEP TEX INC on September 1, 2024 and sell it today you would lose (366.00) from holding AEP TEX INC or give up 4.91% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 97.93% |
| Values | Daily Returns |
CITIGROUP INC 6875 vs. AEP TEX INC
Performance |
| Timeline |
| CITIGROUP INC 6875 |
| AEP TEX INC |
CITIGROUP and 00108WAF7 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CITIGROUP and 00108WAF7
The main advantage of trading using opposite CITIGROUP and 00108WAF7 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CITIGROUP position performs unexpectedly, 00108WAF7 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 00108WAF7 will offset losses from the drop in 00108WAF7's long position.| CITIGROUP vs. Xponential Fitness | CITIGROUP vs. Shake Shack | CITIGROUP vs. CapitaLand Investment Limited | CITIGROUP vs. Park Hotels Resorts |
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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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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