Correlation Between Oppenheimer Intl and CitiGroup
Can any of the company-specific risk be diversified away by investing in both Oppenheimer Intl and CitiGroup 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 Oppenheimer Intl and CitiGroup into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Oppenheimer Intl Small and CitiGroup, you can compare the effects of market volatilities on Oppenheimer Intl 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 Oppenheimer Intl with a short position of CitiGroup. Check out your portfolio center. Please also check ongoing floating volatility patterns of Oppenheimer Intl and CitiGroup.
Diversification Opportunities for Oppenheimer Intl and CitiGroup
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Oppenheimer and CitiGroup is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Oppenheimer Intl Small and CitiGroup in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CitiGroup and Oppenheimer Intl 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 Oppenheimer Intl Small 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 Oppenheimer Intl i.e., Oppenheimer Intl and CitiGroup go up and down completely randomly.
Pair Corralation between Oppenheimer Intl and CitiGroup
If you would invest (100.00) in CitiGroup on January 20, 2024 and sell it today you would earn a total of 100.00 from holding CitiGroup or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Oppenheimer Intl Small vs. CitiGroup
Performance |
| Timeline |
| Oppenheimer Intl Small |
| CitiGroup |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Oppenheimer Intl and CitiGroup Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Oppenheimer Intl and CitiGroup
The main advantage of trading using opposite Oppenheimer Intl and CitiGroup positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Oppenheimer Intl position performs unexpectedly, CitiGroup 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 CitiGroup will offset losses from the drop in CitiGroup's long position.| Oppenheimer Intl vs. Oppenheimer Main Street | Oppenheimer Intl vs. Oppenheimer Intl Small | Oppenheimer Intl vs. Oppenheimer Main Street | Oppenheimer Intl vs. Oppenheimer Global Strtgc |
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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
Other Complementary Tools
| Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings | |
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas | |
| Watchlist Optimization Optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm | |
| Global Correlations Find global opportunities by holding instruments from different markets | |
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| Equity Forecasting Use basic forecasting models to generate price predictions and determine price momentum | |
| Correlation Analysis Reduce portfolio risk simply by holding instruments which are not perfectly correlated | |
| Share Portfolio Track or share privately all of your investments from the convenience of any device | |
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
| Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets | |
| Balance Of Power Check stock momentum by analyzing Balance Of Power indicator and other technical ratios |