Correlation Between Citigroup and Tianjin Songjiang
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By analyzing existing cross correlation between Citigroup and Tianjin Songjiang Co, you can compare the effects of market volatilities on Citigroup and Tianjin Songjiang 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 Tianjin Songjiang. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citigroup and Tianjin Songjiang.
Diversification Opportunities for Citigroup and Tianjin Songjiang
-0.83 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Citigroup and Tianjin is -0.83. Overlapping area represents the amount of risk that can be diversified away by holding Citigroup and Tianjin Songjiang Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tianjin Songjiang 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 Tianjin Songjiang. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tianjin Songjiang has no effect on the direction of Citigroup i.e., Citigroup and Tianjin Songjiang go up and down completely randomly.
Pair Corralation between Citigroup and Tianjin Songjiang
Taking into account the 90-day investment horizon Citigroup is expected to generate 0.11 times more return on investment than Tianjin Songjiang. However, Citigroup is 9.48 times less risky than Tianjin Songjiang. It trades about 0.1 of its potential returns per unit of risk. Tianjin Songjiang Co is currently generating about -0.11 per unit of risk. If you would invest 6,811 in Citigroup on October 8, 2024 and sell it today you would earn a total of 289.00 from holding Citigroup or generate 4.24% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Significant |
Accuracy | 97.56% |
Values | Daily Returns |
Citigroup vs. Tianjin Songjiang Co
Performance |
Timeline |
Citigroup |
Tianjin Songjiang |
Citigroup and Tianjin Songjiang Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Citigroup and Tianjin Songjiang
The main advantage of trading using opposite Citigroup and Tianjin Songjiang positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citigroup position performs unexpectedly, Tianjin Songjiang 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 Tianjin Songjiang will offset losses from the drop in Tianjin Songjiang's long position.Citigroup vs. JPMorgan Chase Co | Citigroup vs. Wells Fargo | Citigroup vs. Toronto Dominion Bank | Citigroup vs. Nu Holdings |
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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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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