Correlation Between CITIGROUP and Sweetgreen
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By analyzing existing cross correlation between CITIGROUP INC and Sweetgreen, you can compare the effects of market volatilities on CITIGROUP and Sweetgreen 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 Sweetgreen. Check out your portfolio center. Please also check ongoing floating volatility patterns of CITIGROUP and Sweetgreen.
Diversification Opportunities for CITIGROUP and Sweetgreen
-0.71 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between CITIGROUP and Sweetgreen is -0.71. Overlapping area represents the amount of risk that can be diversified away by holding CITIGROUP INC and Sweetgreen in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sweetgreen 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 Sweetgreen. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sweetgreen has no effect on the direction of CITIGROUP i.e., CITIGROUP and Sweetgreen go up and down completely randomly.
Pair Corralation between CITIGROUP and Sweetgreen
Assuming the 90 days trading horizon CITIGROUP INC is expected to under-perform the Sweetgreen. But the bond apears to be less risky and, when comparing its historical volatility, CITIGROUP INC is 5.35 times less risky than Sweetgreen. The bond trades about -0.23 of its potential returns per unit of risk. The Sweetgreen is currently generating about 0.15 of returns per unit of risk over similar time horizon. If you would invest 3,610 in Sweetgreen on September 1, 2024 and sell it today you would earn a total of 488.00 from holding Sweetgreen or generate 13.52% 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. Sweetgreen
Performance |
| Timeline |
| CITIGROUP INC |
| Sweetgreen |
CITIGROUP and Sweetgreen Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CITIGROUP and Sweetgreen
The main advantage of trading using opposite CITIGROUP and Sweetgreen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CITIGROUP position performs unexpectedly, Sweetgreen 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 Sweetgreen will offset losses from the drop in Sweetgreen's long position.| CITIGROUP vs. AEP TEX INC | CITIGROUP vs. US BANK NATIONAL | CITIGROUP vs. American Express | CITIGROUP vs. Chevron Corp |
| Sweetgreen vs. Cannae Holdings | Sweetgreen vs. Brinker International | Sweetgreen vs. Jack In The | Sweetgreen vs. Biglari 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 Portfolio Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
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