Correlation Between Citigroup and U Vend
Can any of the company-specific risk be diversified away by investing in both Citigroup and U Vend 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 Citigroup and U Vend into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Citigroup and U Vend Inc, you can compare the effects of market volatilities on Citigroup and U Vend 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 U Vend. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citigroup and U Vend.
Diversification Opportunities for Citigroup and U Vend
Pay attention - limited upside
The 3 months correlation between Citigroup and UVND is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Citigroup and U Vend Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on U Vend Inc 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 U Vend. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of U Vend Inc has no effect on the direction of Citigroup i.e., Citigroup and U Vend go up and down completely randomly.
Pair Corralation between Citigroup and U Vend
If you would invest 4,784 in Citigroup on January 26, 2024 and sell it today you would earn a total of 1,463 from holding Citigroup or generate 30.58% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Citigroup vs. U Vend Inc
Performance |
| Timeline |
| Citigroup |
| U Vend Inc |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Citigroup and U Vend Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citigroup and U Vend
The main advantage of trading using opposite Citigroup and U Vend positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citigroup position performs unexpectedly, U Vend 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 U Vend will offset losses from the drop in U Vend's long position.| Citigroup vs. JPMorgan Chase Co | Citigroup vs. Wells Fargo | Citigroup vs. Toronto Dominion Bank | Citigroup vs. Nu Holdings |
| U Vend vs. Evolution Gaming Group | U Vend vs. Sharplink Gaming | U Vend vs. Genuine Parts Co | U Vend vs. Beyond Inc |
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 Risk-Return Analysis module to view associations between returns expected from investment and the risk you assume.
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