Correlation Between Citigroup and NESNVX
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By analyzing existing cross correlation between Citigroup and NESNVX 525 13 MAR 26, you can compare the effects of market volatilities on Citigroup and NESNVX 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 NESNVX. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citigroup and NESNVX.
Diversification Opportunities for Citigroup and NESNVX
Pay attention - limited upside
The 3 months correlation between Citigroup and NESNVX is -0.71. Overlapping area represents the amount of risk that can be diversified away by holding Citigroup and NESNVX 525 13 MAR 26 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NESNVX 525 13 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 NESNVX. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NESNVX 525 13 has no effect on the direction of Citigroup i.e., Citigroup and NESNVX go up and down completely randomly.
Pair Corralation between Citigroup and NESNVX
Taking into account the 90-day investment horizon Citigroup is expected to under-perform the NESNVX. In addition to that, Citigroup is 3.99 times more volatile than NESNVX 525 13 MAR 26. It trades about -0.09 of its total potential returns per unit of risk. NESNVX 525 13 MAR 26 is currently generating about -0.29 per unit of volatility. If you would invest 10,096 in NESNVX 525 13 MAR 26 on September 25, 2024 and sell it today you would lose (114.00) from holding NESNVX 525 13 MAR 26 or give up 1.13% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Weak |
Accuracy | 65.0% |
Values | Daily Returns |
Citigroup vs. NESNVX 525 13 MAR 26
Performance |
Timeline |
Citigroup |
NESNVX 525 13 |
Citigroup and NESNVX Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Citigroup and NESNVX
The main advantage of trading using opposite Citigroup and NESNVX positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citigroup position performs unexpectedly, NESNVX 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 NESNVX will offset losses from the drop in NESNVX's long position.The idea behind Citigroup and NESNVX 525 13 MAR 26 pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.NESNVX vs. Pinterest | NESNVX vs. Olympic Steel | NESNVX vs. Summit Materials | NESNVX vs. Minerals Technologies |
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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
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