Correlation Analysis Between Alphabet and Citigroup

This module allows you to analyze existing cross correlation between Alphabet and Citigroup. You can compare the effects of market volatilities on Alphabet 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 Alphabet with a short position of Citigroup. See also your portfolio center. Please also check ongoing floating volatility patterns of Alphabet and Citigroup.
Horizon     30 Days    Login   to change
Symbolsvs
Compare Efficiency

Comparative Performance

Alphabet  
0

Risk-Adjusted Performance

Over the last 30 days Alphabet has generated negative risk-adjusted returns adding no value to investors with long positions.
Citigroup  
0

Risk-Adjusted Performance

Over the last 30 days Citigroup has generated negative risk-adjusted returns adding no value to investors with long positions.

Alphabet and Citigroup Volatility Contrast

 Predicted Return Density 
      Returns 

Alphabet Inc  vs.  Citigroup Inc

 Performance (%) 
      Timeline 

Pair Volatility

Given the investment horizon of 30 days, Alphabet is expected to generate 1.24 times more return on investment than Citigroup. However, Alphabet is 1.24 times more volatile than Citigroup. It trades about -0.02 of its potential returns per unit of risk. Citigroup is currently generating about -0.26 per unit of risk. If you would invest  109,225  in Alphabet on November 14, 2018 and sell it today you would lose (3,297)  from holding Alphabet or give up 3.02% of portfolio value over 30 days.

Pair Corralation between Alphabet and Citigroup

0.52
Time Period2 Months [change]
DirectionPositive 
StrengthWeak
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for Alphabet and Citigroup

Alphabet Inc diversification synergy

Very weak diversification

Overlapping area represents the amount of risk that can be diversified away by holding Alphabet Inc and Citigroup Inc in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Citigroup and Alphabet 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 Alphabet 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 Alphabet i.e. Alphabet and Citigroup go up and down completely randomly.

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