Correlation Between CITIGROUP and Ecovyst
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By analyzing existing cross correlation between CITIGROUP FDG INC and Ecovyst, you can compare the effects of market volatilities on CITIGROUP and Ecovyst 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 Ecovyst. Check out your portfolio center. Please also check ongoing floating volatility patterns of CITIGROUP and Ecovyst.
Diversification Opportunities for CITIGROUP and Ecovyst
Weak diversification
The 3 months correlation between CITIGROUP and Ecovyst is 0.38. Overlapping area represents the amount of risk that can be diversified away by holding CITIGROUP FDG INC and Ecovyst in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ecovyst 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 FDG INC are associated (or correlated) with Ecovyst. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ecovyst has no effect on the direction of CITIGROUP i.e., CITIGROUP and Ecovyst go up and down completely randomly.
Pair Corralation between CITIGROUP and Ecovyst
Assuming the 90 days trading horizon CITIGROUP FDG INC is expected to under-perform the Ecovyst. But the bond apears to be less risky and, when comparing its historical volatility, CITIGROUP FDG INC is 1.17 times less risky than Ecovyst. The bond trades about -0.31 of its potential returns per unit of risk. The Ecovyst is currently generating about 0.13 of returns per unit of risk over similar time horizon. If you would invest 685.00 in Ecovyst on August 29, 2024 and sell it today you would earn a total of 113.00 from holding Ecovyst or generate 16.5% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 32.56% |
| Values | Daily Returns |
CITIGROUP FDG INC vs. Ecovyst
Performance |
| Timeline |
| CITIGROUP FDG INC |
| Ecovyst |
CITIGROUP and Ecovyst Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CITIGROUP and Ecovyst
The main advantage of trading using opposite CITIGROUP and Ecovyst positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CITIGROUP position performs unexpectedly, Ecovyst 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 Ecovyst will offset losses from the drop in Ecovyst's long position.| CITIGROUP vs. Valneva SE ADR | CITIGROUP vs. Ecovyst | CITIGROUP vs. Axalta Coating Systems | CITIGROUP vs. Centessa Pharmaceuticals PLC |
| Ecovyst vs. Direxion Daily FTSE | Ecovyst vs. Collegium Pharmaceutical | Ecovyst vs. KKR Co LP | Ecovyst vs. iShares Dividend and |
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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
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