Correlation Between UNICREDIT and Citi Trends
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By analyzing existing cross correlation between UNICREDIT SPA 5861 and Citi Trends, you can compare the effects of market volatilities on UNICREDIT and Citi Trends 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 UNICREDIT with a short position of Citi Trends. Check out your portfolio center. Please also check ongoing floating volatility patterns of UNICREDIT and Citi Trends.
Diversification Opportunities for UNICREDIT and Citi Trends
0.13 | Correlation Coefficient |
Average diversification
The 3 months correlation between UNICREDIT and Citi is 0.13. Overlapping area represents the amount of risk that can be diversified away by holding UNICREDIT SPA 5861 and Citi Trends in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Citi Trends and UNICREDIT 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 UNICREDIT SPA 5861 are associated (or correlated) with Citi Trends. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Citi Trends has no effect on the direction of UNICREDIT i.e., UNICREDIT and Citi Trends go up and down completely randomly.
Pair Corralation between UNICREDIT and Citi Trends
Assuming the 90 days trading horizon UNICREDIT SPA 5861 is expected to under-perform the Citi Trends. But the bond apears to be less risky and, when comparing its historical volatility, UNICREDIT SPA 5861 is 1.62 times less risky than Citi Trends. The bond trades about -0.25 of its potential returns per unit of risk. The Citi Trends is currently generating about 0.09 of returns per unit of risk over similar time horizon. If you would invest 1,889 in Citi Trends on September 1, 2024 and sell it today you would earn a total of 106.00 from holding Citi Trends or generate 5.61% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 71.43% |
| Values | Daily Returns |
UNICREDIT SPA 5861 vs. Citi Trends
Performance |
| Timeline |
| UNICREDIT SPA 5861 |
| Citi Trends |
UNICREDIT and Citi Trends Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with UNICREDIT and Citi Trends
The main advantage of trading using opposite UNICREDIT and Citi Trends positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if UNICREDIT position performs unexpectedly, Citi Trends 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 Citi Trends will offset losses from the drop in Citi Trends' long position.| UNICREDIT vs. Citi Trends | UNICREDIT vs. Amgen Inc | UNICREDIT vs. Sonida Senior Living | UNICREDIT vs. Viemed Healthcare |
| Citi Trends vs. JJill Inc | Citi Trends vs. Zumiez Inc | Citi Trends vs. Tillys Inc | Citi Trends vs. Duluth 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 Efficient Frontier module to plot and analyze your portfolio and positions against risk-return landscape of the market..
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