Correlation Between Citigroup and Jiangsu Phoenix
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By analyzing existing cross correlation between Citigroup and Jiangsu Phoenix Publishing, you can compare the effects of market volatilities on Citigroup and Jiangsu Phoenix 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 Phoenix. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citigroup and Jiangsu Phoenix.
Diversification Opportunities for Citigroup and Jiangsu Phoenix
-0.1 | Correlation Coefficient |
Good diversification
The 3 months correlation between Citigroup and Jiangsu is -0.1. Overlapping area represents the amount of risk that can be diversified away by holding Citigroup and Jiangsu Phoenix Publishing in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangsu Phoenix Publ 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 Phoenix. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangsu Phoenix Publ has no effect on the direction of Citigroup i.e., Citigroup and Jiangsu Phoenix go up and down completely randomly.
Pair Corralation between Citigroup and Jiangsu Phoenix
Taking into account the 90-day investment horizon Citigroup is expected to generate 0.91 times more return on investment than Jiangsu Phoenix. However, Citigroup is 1.1 times less risky than Jiangsu Phoenix. It trades about 0.09 of its potential returns per unit of risk. Jiangsu Phoenix Publishing is currently generating about 0.01 per unit of risk. If you would invest 7,101 in Citigroup on December 4, 2024 and sell it today you would earn a total of 616.00 from holding Citigroup or generate 8.67% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 96.61% |
Values | Daily Returns |
Citigroup vs. Jiangsu Phoenix Publishing
Performance |
Timeline |
Citigroup |
Jiangsu Phoenix Publ |
Citigroup and Jiangsu Phoenix Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Citigroup and Jiangsu Phoenix
The main advantage of trading using opposite Citigroup and Jiangsu Phoenix positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citigroup position performs unexpectedly, Jiangsu Phoenix 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 Phoenix will offset losses from the drop in Jiangsu Phoenix'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 Commodity Directory module to find actively traded commodities issued by global exchanges.
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