Correlation Between CITIGROUP and Kenon Holdings
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By analyzing existing cross correlation between CITIGROUP INC and Kenon Holdings, you can compare the effects of market volatilities on CITIGROUP and Kenon Holdings 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 Kenon Holdings. Check out your portfolio center. Please also check ongoing floating volatility patterns of CITIGROUP and Kenon Holdings.
Diversification Opportunities for CITIGROUP and Kenon Holdings
-0.76 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between CITIGROUP and Kenon is -0.76. Overlapping area represents the amount of risk that can be diversified away by holding CITIGROUP INC and Kenon Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kenon Holdings 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 are associated (or correlated) with Kenon Holdings. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kenon Holdings has no effect on the direction of CITIGROUP i.e., CITIGROUP and Kenon Holdings go up and down completely randomly.
Pair Corralation between CITIGROUP and Kenon Holdings
Assuming the 90 days trading horizon CITIGROUP INC is expected to under-perform the Kenon Holdings. But the bond apears to be less risky and, when comparing its historical volatility, CITIGROUP INC is 2.16 times less risky than Kenon Holdings. The bond trades about -0.23 of its potential returns per unit of risk. The Kenon Holdings is currently generating about 0.12 of returns per unit of risk over similar time horizon. If you would invest 2,858 in Kenon Holdings on September 1, 2024 and sell it today you would earn a total of 127.00 from holding Kenon Holdings or generate 4.44% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
CITIGROUP INC vs. Kenon Holdings
Performance |
| Timeline |
| CITIGROUP INC |
| Kenon Holdings |
CITIGROUP and Kenon Holdings Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CITIGROUP and Kenon Holdings
The main advantage of trading using opposite CITIGROUP and Kenon Holdings positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CITIGROUP position performs unexpectedly, Kenon Holdings 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 Kenon Holdings will offset losses from the drop in Kenon Holdings' long position.| CITIGROUP vs. AEP TEX INC | CITIGROUP vs. US BANK NATIONAL | CITIGROUP vs. American Express | CITIGROUP vs. Chevron Corp |
| Kenon Holdings vs. Pampa Energia SA | Kenon Holdings vs. TransAlta Corp | Kenon Holdings vs. NRG Energy | Kenon Holdings vs. Power Assets Holdings |
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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.
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