Correlation Between Citigroup and INGERSOLL
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By analyzing existing cross correlation between Citigroup and INGERSOLL RAND LUXEMBOURG FIN, you can compare the effects of market volatilities on Citigroup and INGERSOLL 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 INGERSOLL. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citigroup and INGERSOLL.
Diversification Opportunities for Citigroup and INGERSOLL
Weak diversification
The 3 months correlation between Citigroup and INGERSOLL is 0.39. Overlapping area represents the amount of risk that can be diversified away by holding Citigroup and INGERSOLL RAND LUXEMBOURG FIN in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on INGERSOLL RAND LUXEM 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 INGERSOLL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of INGERSOLL RAND LUXEM has no effect on the direction of Citigroup i.e., Citigroup and INGERSOLL go up and down completely randomly.
Pair Corralation between Citigroup and INGERSOLL
Taking into account the 90-day investment horizon Citigroup is expected to generate 0.4 times more return on investment than INGERSOLL. However, Citigroup is 2.49 times less risky than INGERSOLL. It trades about 0.19 of its potential returns per unit of risk. INGERSOLL RAND LUXEMBOURG FIN is currently generating about -0.12 per unit of risk. If you would invest 6,900 in Citigroup on September 19, 2024 and sell it today you would earn a total of 212.00 from holding Citigroup or generate 3.07% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Weak |
Accuracy | 38.1% |
Values | Daily Returns |
Citigroup vs. INGERSOLL RAND LUXEMBOURG FIN
Performance |
Timeline |
Citigroup |
INGERSOLL RAND LUXEM |
Citigroup and INGERSOLL Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Citigroup and INGERSOLL
The main advantage of trading using opposite Citigroup and INGERSOLL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citigroup position performs unexpectedly, INGERSOLL 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 INGERSOLL will offset losses from the drop in INGERSOLL'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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
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