Correlation Between Viemed Healthcare and CITIGROUP
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By analyzing existing cross correlation between Viemed Healthcare and CITIGROUP INC 6625, you can compare the effects of market volatilities on Viemed Healthcare 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 Viemed Healthcare with a short position of CITIGROUP. Check out your portfolio center. Please also check ongoing floating volatility patterns of Viemed Healthcare and CITIGROUP.
Diversification Opportunities for Viemed Healthcare and CITIGROUP
-0.7 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Viemed and CITIGROUP is -0.7. Overlapping area represents the amount of risk that can be diversified away by holding Viemed Healthcare and CITIGROUP INC 6625 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CITIGROUP INC 6625 and Viemed Healthcare 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 Viemed Healthcare 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 INC 6625 has no effect on the direction of Viemed Healthcare i.e., Viemed Healthcare and CITIGROUP go up and down completely randomly.
Pair Corralation between Viemed Healthcare and CITIGROUP
Considering the 90-day investment horizon Viemed Healthcare is expected to generate 3.1 times more return on investment than CITIGROUP. However, Viemed Healthcare is 3.1 times more volatile than CITIGROUP INC 6625. It trades about 0.03 of its potential returns per unit of risk. CITIGROUP INC 6625 is currently generating about 0.01 per unit of risk. If you would invest 785.00 in Viemed Healthcare on September 4, 2024 and sell it today you would earn a total of 85.00 from holding Viemed Healthcare or generate 10.83% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Viemed Healthcare vs. CITIGROUP INC 6625
Performance |
| Timeline |
| Viemed Healthcare |
| CITIGROUP INC 6625 |
Viemed Healthcare and CITIGROUP Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Viemed Healthcare and CITIGROUP
The main advantage of trading using opposite Viemed Healthcare and CITIGROUP positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Viemed Healthcare 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.| Viemed Healthcare vs. Baxter International | Viemed Healthcare vs. West Pharmaceutical Services | Viemed Healthcare vs. ResMed Inc | Viemed Healthcare vs. The Cooper Companies, |
| CITIGROUP vs. BBB Foods | CITIGROUP vs. The Joint Corp | CITIGROUP vs. Viemed Healthcare | CITIGROUP vs. Beyond Meat |
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 Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
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