Correlation Between CITIGROUP and Pure Cycle
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By analyzing existing cross correlation between CITIGROUP INC 6675 and Pure Cycle, you can compare the effects of market volatilities on CITIGROUP and Pure Cycle 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 Pure Cycle. Check out your portfolio center. Please also check ongoing floating volatility patterns of CITIGROUP and Pure Cycle.
Diversification Opportunities for CITIGROUP and Pure Cycle
-0.69 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between CITIGROUP and Pure is -0.69. Overlapping area represents the amount of risk that can be diversified away by holding CITIGROUP INC 6675 and Pure Cycle in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Pure Cycle 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 6675 are associated (or correlated) with Pure Cycle. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Pure Cycle has no effect on the direction of CITIGROUP i.e., CITIGROUP and Pure Cycle go up and down completely randomly.
Pair Corralation between CITIGROUP and Pure Cycle
Assuming the 90 days trading horizon CITIGROUP INC 6675 is expected to generate 23.77 times more return on investment than Pure Cycle. However, CITIGROUP is 23.77 times more volatile than Pure Cycle. It trades about 0.04 of its potential returns per unit of risk. Pure Cycle is currently generating about 0.04 per unit of risk. If you would invest 11,446 in CITIGROUP INC 6675 on September 3, 2024 and sell it today you would lose (397.00) from holding CITIGROUP INC 6675 or give up 3.47% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 89.09% |
| Values | Daily Returns |
CITIGROUP INC 6675 vs. Pure Cycle
Performance |
| Timeline |
| CITIGROUP INC 6675 |
| Pure Cycle |
CITIGROUP and Pure Cycle Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CITIGROUP and Pure Cycle
The main advantage of trading using opposite CITIGROUP and Pure Cycle positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CITIGROUP position performs unexpectedly, Pure Cycle 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 Pure Cycle will offset losses from the drop in Pure Cycle's long position.| CITIGROUP vs. Pure Cycle | CITIGROUP vs. Griffon | CITIGROUP vs. Cheniere Energy Partners | CITIGROUP vs. Verra Mobility Corp |
| Pure Cycle vs. SJW Group Common | Pure Cycle vs. Artesian Resources | Pure Cycle vs. The York Water | Pure Cycle vs. American States Water |
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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
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