Correlation Between Citigroup and Oxford Technology
Can any of the company-specific risk be diversified away by investing in both Citigroup and Oxford Technology at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Citigroup and Oxford Technology into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Citigroup and Oxford Technology 2, you can compare the effects of market volatilities on Citigroup and Oxford Technology 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 Oxford Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citigroup and Oxford Technology.
Diversification Opportunities for Citigroup and Oxford Technology
-0.2 | Correlation Coefficient |
Good diversification
The 3 months correlation between Citigroup and Oxford is -0.2. Overlapping area represents the amount of risk that can be diversified away by holding Citigroup and Oxford Technology 2 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Oxford Technology 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 Oxford Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Oxford Technology has no effect on the direction of Citigroup i.e., Citigroup and Oxford Technology go up and down completely randomly.
Pair Corralation between Citigroup and Oxford Technology
If you would invest 6,209 in Citigroup on October 15, 2024 and sell it today you would earn a total of 931.00 from holding Citigroup or generate 14.99% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
Citigroup vs. Oxford Technology 2
Performance |
Timeline |
Citigroup |
Oxford Technology |
Citigroup and Oxford Technology Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Citigroup and Oxford Technology
The main advantage of trading using opposite Citigroup and Oxford Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citigroup position performs unexpectedly, Oxford Technology 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 Oxford Technology will offset losses from the drop in Oxford Technology's long position.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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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