Correlation Between 90331HPL1 and CITIGROUP
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By analyzing existing cross correlation between US BANK NATIONAL and CITIGROUP FDG INC, you can compare the effects of market volatilities on 90331HPL1 and CITIGROUP 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 90331HPL1 with a short position of CITIGROUP. Check out your portfolio center. Please also check ongoing floating volatility patterns of 90331HPL1 and CITIGROUP.
Diversification Opportunities for 90331HPL1 and CITIGROUP
Good diversification
The 3 months correlation between 90331HPL1 and CITIGROUP is -0.04. Overlapping area represents the amount of risk that can be diversified away by holding US BANK NATIONAL and CITIGROUP FDG INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CITIGROUP FDG INC and 90331HPL1 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 US BANK NATIONAL are associated (or correlated) with CITIGROUP. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CITIGROUP FDG INC has no effect on the direction of 90331HPL1 i.e., 90331HPL1 and CITIGROUP go up and down completely randomly.
Pair Corralation between 90331HPL1 and CITIGROUP
Assuming the 90 days trading horizon 90331HPL1 is expected to generate 18.66 times less return on investment than CITIGROUP. But when comparing it to its historical volatility, US BANK NATIONAL is 12.7 times less risky than CITIGROUP. It trades about 0.02 of its potential returns per unit of risk. CITIGROUP FDG INC is currently generating about 0.03 of returns per unit of risk over similar time horizon. If you would invest 7,810 in CITIGROUP FDG INC on September 4, 2024 and sell it today you would earn a total of 130.00 from holding CITIGROUP FDG INC or generate 1.66% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 37.5% |
| Values | Daily Returns |
US BANK NATIONAL vs. CITIGROUP FDG INC
Performance |
| Timeline |
| US BANK NATIONAL |
| CITIGROUP FDG INC |
90331HPL1 and CITIGROUP Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 90331HPL1 and CITIGROUP
The main advantage of trading using opposite 90331HPL1 and CITIGROUP positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 90331HPL1 position performs unexpectedly, CITIGROUP 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 CITIGROUP will offset losses from the drop in CITIGROUP's long position.| 90331HPL1 vs. Vishay Intertechnology | 90331HPL1 vs. FormFactor | 90331HPL1 vs. Amkor Technology | 90331HPL1 vs. MACOM Technology Solutions |
| CITIGROUP vs. Mitsubishi UFJ Lease | CITIGROUP vs. U Haul Holding | CITIGROUP vs. HE Equipment Services | CITIGROUP vs. First Ship Lease |
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 Equity Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.
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