Correlation Between Astoria Financial and Citigroup
Can any of the company-specific risk be diversified away by investing in both Astoria Financial and Citigroup 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 Astoria Financial and Citigroup into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Astoria Financial Corp and Citigroup, you can compare the effects of market volatilities on Astoria Financial and Citigroup 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 Astoria Financial with a short position of Citigroup. Check out your portfolio center. Please also check ongoing floating volatility patterns of Astoria Financial and Citigroup.
Diversification Opportunities for Astoria Financial and Citigroup
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Astoria and Citigroup is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Astoria Financial Corp and Citigroup in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Citigroup and Astoria Financial 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 Astoria Financial Corp are associated (or correlated) with Citigroup. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Citigroup has no effect on the direction of Astoria Financial i.e., Astoria Financial and Citigroup go up and down completely randomly.
Pair Corralation between Astoria Financial and Citigroup
If you would invest 6,095 in Citigroup on January 25, 2024 and sell it today you would earn a total of 153.00 from holding Citigroup or generate 2.51% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Astoria Financial Corp vs. Citigroup
Performance |
| Timeline |
| Astoria Financial Corp |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Citigroup |
Astoria Financial and Citigroup Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Astoria Financial and Citigroup
The main advantage of trading using opposite Astoria Financial and Citigroup positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Astoria Financial position performs unexpectedly, Citigroup 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 Citigroup will offset losses from the drop in Citigroup's long position.| Astoria Financial vs. The Cheesecake Factory | Astoria Financial vs. Shake Shack | Astoria Financial vs. Pearson PLC ADR | Astoria Financial vs. Meta Data |
| Citigroup vs. JPMorgan Chase Co | Citigroup vs. Wells Fargo | Citigroup vs. Toronto Dominion Bank | Citigroup vs. Nu Holdings |
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 Price Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
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