Correlation Between CITIGROUP and Acco Brands
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By analyzing existing cross correlation between CITIGROUP INC 32 and Acco Brands, you can compare the effects of market volatilities on CITIGROUP and Acco Brands 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 Acco Brands. Check out your portfolio center. Please also check ongoing floating volatility patterns of CITIGROUP and Acco Brands.
Diversification Opportunities for CITIGROUP and Acco Brands
-0.41 | Correlation Coefficient |
Very good diversification
The 3 months correlation between CITIGROUP and Acco is -0.41. Overlapping area represents the amount of risk that can be diversified away by holding CITIGROUP INC 32 and Acco Brands in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Acco Brands 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 32 are associated (or correlated) with Acco Brands. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Acco Brands has no effect on the direction of CITIGROUP i.e., CITIGROUP and Acco Brands go up and down completely randomly.
Pair Corralation between CITIGROUP and Acco Brands
Assuming the 90 days trading horizon CITIGROUP is expected to generate 398.0 times less return on investment than Acco Brands. But when comparing it to its historical volatility, CITIGROUP INC 32 is 6.61 times less risky than Acco Brands. It trades about 0.0 of its potential returns per unit of risk. Acco Brands is currently generating about 0.08 of returns per unit of risk over similar time horizon. If you would invest 476.00 in Acco Brands on September 3, 2024 and sell it today you would earn a total of 106.00 from holding Acco Brands or generate 22.27% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 99.32% |
| Values | Daily Returns |
CITIGROUP INC 32 vs. Acco Brands
Performance |
| Timeline |
| CITIGROUP INC 32 |
| Acco Brands |
CITIGROUP and Acco Brands Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CITIGROUP and Acco Brands
The main advantage of trading using opposite CITIGROUP and Acco Brands positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CITIGROUP position performs unexpectedly, Acco Brands 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 Acco Brands will offset losses from the drop in Acco Brands' long position.| CITIGROUP vs. AEP TEX INC | CITIGROUP vs. US BANK NATIONAL | CITIGROUP vs. Jackson Financial | CITIGROUP vs. MetLife |
| Acco Brands vs. HNI Corp | Acco Brands vs. Steelcase | Acco Brands vs. Ennis Inc | Acco Brands vs. Acacia Research |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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