Correlation Between CITIGROUP and Jutal Offshore
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By analyzing existing cross correlation between CITIGROUP INC 475 and Jutal Offshore Oil, you can compare the effects of market volatilities on CITIGROUP and Jutal Offshore 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 Jutal Offshore. Check out your portfolio center. Please also check ongoing floating volatility patterns of CITIGROUP and Jutal Offshore.
Diversification Opportunities for CITIGROUP and Jutal Offshore
-0.52 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between CITIGROUP and Jutal is -0.52. Overlapping area represents the amount of risk that can be diversified away by holding CITIGROUP INC 475 and Jutal Offshore Oil in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jutal Offshore Oil 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 475 are associated (or correlated) with Jutal Offshore. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jutal Offshore Oil has no effect on the direction of CITIGROUP i.e., CITIGROUP and Jutal Offshore go up and down completely randomly.
Pair Corralation between CITIGROUP and Jutal Offshore
If you would invest 8,891 in CITIGROUP INC 475 on August 29, 2024 and sell it today you would earn a total of 24.00 from holding CITIGROUP INC 475 or generate 0.27% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
CITIGROUP INC 475 vs. Jutal Offshore Oil
Performance |
| Timeline |
| CITIGROUP INC 475 |
| Jutal Offshore Oil |
CITIGROUP and Jutal Offshore Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CITIGROUP and Jutal Offshore
The main advantage of trading using opposite CITIGROUP and Jutal Offshore positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CITIGROUP position performs unexpectedly, Jutal Offshore 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 Jutal Offshore will offset losses from the drop in Jutal Offshore's long position.| CITIGROUP vs. AEP TEX INC | CITIGROUP vs. US BANK NATIONAL | CITIGROUP vs. 3M Company | CITIGROUP vs. Alcoa Corp |
| Jutal Offshore vs. Expro Group Holdings | Jutal Offshore vs. ChampionX | Jutal Offshore vs. Ranger Energy Services | Jutal Offshore vs. Cactus Inc |
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 Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.
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