Correlation Between Citigroup and Nuode Investment
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By analyzing existing cross correlation between Citigroup and Nuode Investment Co, you can compare the effects of market volatilities on Citigroup and Nuode Investment 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 Nuode Investment. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citigroup and Nuode Investment.
Diversification Opportunities for Citigroup and Nuode Investment
-0.34 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Citigroup and Nuode is -0.34. Overlapping area represents the amount of risk that can be diversified away by holding Citigroup and Nuode Investment Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nuode Investment 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 are associated (or correlated) with Nuode Investment. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nuode Investment has no effect on the direction of Citigroup i.e., Citigroup and Nuode Investment go up and down completely randomly.
Pair Corralation between Citigroup and Nuode Investment
Taking into account the 90-day investment horizon Citigroup is expected to generate 0.96 times more return on investment than Nuode Investment. However, Citigroup is 1.05 times less risky than Nuode Investment. It trades about 0.01 of its potential returns per unit of risk. Nuode Investment Co is currently generating about -0.04 per unit of risk. If you would invest 6,991 in Citigroup on December 30, 2024 and sell it today you would earn a total of 42.00 from holding Citigroup or generate 0.6% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 95.16% |
Values | Daily Returns |
Citigroup vs. Nuode Investment Co
Performance |
Timeline |
Citigroup |
Nuode Investment |
Citigroup and Nuode Investment Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Citigroup and Nuode Investment
The main advantage of trading using opposite Citigroup and Nuode Investment positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citigroup position performs unexpectedly, Nuode Investment 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 Nuode Investment will offset losses from the drop in Nuode Investment's long position.Citigroup vs. PJT Partners | Citigroup vs. National Bank Holdings | Citigroup vs. FB Financial Corp | Citigroup vs. Northrim BanCorp |
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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 Global Correlations module to find global opportunities by holding instruments from different markets.
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