Correlation Analysis Between Citigroup and Canadian Imperial

Analyzing existing cross correlation between Citigroup and Canadian Imperial Bank Of Comme. You can compare the effects of market volatilities on Citigroup and Canadian Imperial 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 Canadian Imperial. See also your portfolio center. Please also check ongoing floating volatility patterns of Citigroup and Canadian Imperial.
Horizon     30 Days    Login   to change
Symbolsvs
Check Efficiency

Comparative Performance

Citigroup  
1212

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Citigroup are ranked lower than 12 (%) of all global equities and portfolios over the last 30 days. Despite somewhat sluggish basic indicators, Citigroup may actually be approaching a critical reversion point that can send shares even higher in February 2020.
Canadian Imperial Bank  
00

Risk-Adjusted Performance

Over the last 30 days Canadian Imperial Bank Of Comme has generated negative risk-adjusted returns adding no value to investors with long positions. Even with considerably steady technical indicators, Canadian Imperial is not utilizing all of its potentials. The current stock price chaos, may contribute to medium term losses for the stakeholders.

Citigroup and Canadian Imperial Volatility Contrast

 Predicted Return Density 
    
  Returns 

Citigroup Inc  vs.  Canadian Imperial Bank Of Comm

 Performance (%) 
    
  Timeline 

Pair Volatility

Taking into account the 30 trading days horizon, Citigroup is expected to generate 1.3 times more return on investment than Canadian Imperial. However, Citigroup is 1.3 times more volatile than Canadian Imperial Bank Of Comme. It trades about 0.18 of its potential returns per unit of risk. Canadian Imperial Bank Of Comme is currently generating about -0.05 per unit of risk. If you would invest  7,245  in Citigroup on December 22, 2019 and sell it today you would earn a total of  867.00  from holding Citigroup or generate 11.97% return on investment over 30 days.

Pair Corralation between Citigroup and Canadian Imperial

-0.59
Time Period3 Months [change]
DirectionNegative 
StrengthVery Weak
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for Citigroup and Canadian Imperial

Citigroup Inc diversification synergy

Excellent diversification

Overlapping area represents the amount of risk that can be diversified away by holding Citigroup Inc and Canadian Imperial Bank Of Comm in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Canadian Imperial Bank 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 Canadian Imperial. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Canadian Imperial Bank has no effect on the direction of Citigroup i.e. Citigroup and Canadian Imperial go up and down completely randomly.
See also your portfolio center. Please also try Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.