Correlation Analysis Between Citigroup and Apple

This module allows you to analyze existing cross correlation between Citigroup and Apple. You can compare the effects of market volatilities on Citigroup and Apple 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 Apple. See also your portfolio center. Please also check ongoing floating volatility patterns of Citigroup and Apple.
Horizon     30 Days    Login   to change
Symbolsvs
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Comparative Performance

Citigroup  
00

Risk-Adjusted Performance

Over the last 30 days Citigroup has generated negative risk-adjusted returns adding no value to investors with long positions. Despite latest sluggish performance, the Stock's basic indicators remain strong and the current disturbance on Wall Street may also be a sign of long term gains for the company investors.
Apple  
66

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Apple are ranked lower than 6 (%) of all global equities and portfolios over the last 30 days. Even with considerably conflicting technical indicators, Apple may actually be approaching a critical reversion point that can send shares even higher in September 2019.

Citigroup and Apple Volatility Contrast

 Predicted Return Density 
      Returns 

Citigroup Inc  vs.  Apple Inc

 Performance (%) 
      Timeline 

Pair Volatility

Taking into account the 30 trading days horizon, Citigroup is expected to under-perform the Apple. But the stock apears to be less risky and, when comparing its historical volatility, Citigroup is 1.04 times less risky than Apple. The stock trades about -0.07 of its potential returns per unit of risk. The Apple is currently generating about 0.1 of returns per unit of risk over similar time horizon. If you would invest  19,858  in Apple on July 22, 2019 and sell it today you would earn a total of  1,465  from holding Apple or generate 7.38% return on investment over 30 days.

Pair Corralation between Citigroup and Apple

0.32
Time Period2 Months [change]
DirectionPositive 
StrengthVery Weak
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for Citigroup and Apple

Citigroup Inc diversification synergy

Weak diversification

Overlapping area represents the amount of risk that can be diversified away by holding Citigroup Inc and Apple Inc in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Apple 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 Apple. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Apple has no effect on the direction of Citigroup i.e. Citigroup and Apple go up and down completely randomly.
See also your portfolio center. Please also try Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.


 
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