Correlation Between Citrix Systems and Baidu
Can any of the company-specific risk be diversified away by investing in both Citrix Systems and Baidu 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 Citrix Systems and Baidu into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Citrix Systems and Baidu Inc, you can compare the effects of market volatilities on Citrix Systems and Baidu 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 Citrix Systems with a short position of Baidu. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citrix Systems and Baidu.
Diversification Opportunities for Citrix Systems and Baidu
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Citrix and Baidu is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Citrix Systems and Baidu Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Baidu Inc and Citrix Systems 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 Citrix Systems are associated (or correlated) with Baidu. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Baidu Inc has no effect on the direction of Citrix Systems i.e., Citrix Systems and Baidu go up and down completely randomly.
Pair Corralation between Citrix Systems and Baidu
If you would invest 10,390 in Citrix Systems on January 24, 2024 and sell it today you would earn a total of 0.00 from holding Citrix Systems or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 5.0% |
| Values | Daily Returns |
Citrix Systems vs. Baidu Inc
Performance |
| Timeline |
| Citrix Systems |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Baidu Inc |
Citrix Systems and Baidu Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citrix Systems and Baidu
The main advantage of trading using opposite Citrix Systems and Baidu positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citrix Systems position performs unexpectedly, Baidu 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 Baidu will offset losses from the drop in Baidu's long position.| Citrix Systems vs. Coupang LLC | Citrix Systems vs. BRP Inc | Citrix Systems vs. Cedar Realty Trust | Citrix Systems vs. Grocery Outlet Holding |
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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
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