Correlation Between Citigroup and Jiangsu Zhongtian
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By analyzing existing cross correlation between Citigroup and Jiangsu Zhongtian Technology, you can compare the effects of market volatilities on Citigroup and Jiangsu Zhongtian 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 Jiangsu Zhongtian. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citigroup and Jiangsu Zhongtian.
Diversification Opportunities for Citigroup and Jiangsu Zhongtian
-0.62 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Citigroup and Jiangsu is -0.62. Overlapping area represents the amount of risk that can be diversified away by holding Citigroup and Jiangsu Zhongtian Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangsu Zhongtian 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 Jiangsu Zhongtian. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangsu Zhongtian has no effect on the direction of Citigroup i.e., Citigroup and Jiangsu Zhongtian go up and down completely randomly.
Pair Corralation between Citigroup and Jiangsu Zhongtian
Taking into account the 90-day investment horizon Citigroup is expected to generate 0.98 times more return on investment than Jiangsu Zhongtian. However, Citigroup is 1.02 times less risky than Jiangsu Zhongtian. It trades about 0.01 of its potential returns per unit of risk. Jiangsu Zhongtian Technology is currently generating about 0.01 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 | Weak |
Accuracy | 95.16% |
Values | Daily Returns |
Citigroup vs. Jiangsu Zhongtian Technology
Performance |
Timeline |
Citigroup |
Jiangsu Zhongtian |
Citigroup and Jiangsu Zhongtian Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Citigroup and Jiangsu Zhongtian
The main advantage of trading using opposite Citigroup and Jiangsu Zhongtian positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citigroup position performs unexpectedly, Jiangsu Zhongtian 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 Jiangsu Zhongtian will offset losses from the drop in Jiangsu Zhongtian'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 Portfolio Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
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