Correlation Between Citi Trends and Concrete Pumping
Can any of the company-specific risk be diversified away by investing in both Citi Trends and Concrete Pumping 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 Citi Trends and Concrete Pumping into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Citi Trends and Concrete Pumping Holdings, you can compare the effects of market volatilities on Citi Trends and Concrete Pumping 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 Citi Trends with a short position of Concrete Pumping. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citi Trends and Concrete Pumping.
Diversification Opportunities for Citi Trends and Concrete Pumping
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Citi and Concrete is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Citi Trends and Concrete Pumping Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Concrete Pumping Holdings and Citi Trends 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 Citi Trends are associated (or correlated) with Concrete Pumping. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Concrete Pumping Holdings has no effect on the direction of Citi Trends i.e., Citi Trends and Concrete Pumping go up and down completely randomly.
Pair Corralation between Citi Trends and Concrete Pumping
If you would invest 2,389 in Citi Trends on December 2, 2024 and sell it today you would earn a total of 74.00 from holding Citi Trends or generate 3.1% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 0.0% |
Values | Daily Returns |
Citi Trends vs. Concrete Pumping Holdings
Performance |
Timeline |
Citi Trends |
Concrete Pumping Holdings |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
Citi Trends and Concrete Pumping Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Citi Trends and Concrete Pumping
The main advantage of trading using opposite Citi Trends and Concrete Pumping positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citi Trends position performs unexpectedly, Concrete Pumping 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 Concrete Pumping will offset losses from the drop in Concrete Pumping's long position.Citi Trends vs. JJill Inc | Citi Trends vs. Zumiez Inc | Citi Trends vs. Tillys Inc | Citi Trends vs. Duluth Holdings |
Concrete Pumping vs. Eddy Smart Home | Concrete Pumping vs. JBG SMITH Properties | Concrete Pumping vs. Park Electrochemical | Concrete Pumping vs. The Mosaic |
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 Dashboard module to portfolio dashboard that provides centralized access to all your investments.
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