Correlation Analysis Between Citigroup and Bank of Nova Scotia

This module allows you to analyze existing cross correlation between Citigroup and Bank Nova Scotia Halifax Pfd 3. You can compare the effects of market volatilities on Citigroup and Bank of Nova Scotia 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 Bank of Nova Scotia. See also your portfolio center. Please also check ongoing floating volatility patterns of Citigroup and Bank of Nova Scotia.
Horizon     30 Days    Login   to change
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Comparative Performance

Citigroup  
1313

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Citigroup are ranked lower than 13 (%) of all global equities and portfolios over the last 30 days. Despite somewhat sluggish basic indicators, Citigroup sustained solid returns over the last few months and may actually be approaching a breakup point.
Bank of Nova Scotia  
2020

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Bank Nova Scotia Halifax Pfd 3 are ranked lower than 20 (%) of all global equities and portfolios over the last 30 days. In defiance of relatively weak forward-looking signals, Bank of Nova Scotia may actually be approaching a critical reversion point that can send shares even higher in December 2019.

Citigroup and Bank of Nova Scotia Volatility Contrast

 Predicted Return Density 
      Returns 

Citigroup Inc  vs.  Bank Nova Scotia Halifax Pfd 3

 Performance (%) 
      Timeline 

Pair Volatility

Taking into account the 30 trading days horizon, Citigroup is expected to generate 2.39 times more return on investment than Bank of Nova Scotia. However, Citigroup is 2.39 times more volatile than Bank Nova Scotia Halifax Pfd 3. It trades about 0.2 of its potential returns per unit of risk. Bank Nova Scotia Halifax Pfd 3 is currently generating about 0.3 per unit of risk. If you would invest  6,195  in Citigroup on October 22, 2019 and sell it today you would earn a total of  1,195  from holding Citigroup or generate 19.29% return on investment over 30 days.

Pair Corralation between Citigroup and Bank of Nova Scotia

0.9
Time Period3 Months [change]
DirectionPositive 
StrengthVery Strong
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for Citigroup and Bank of Nova Scotia

Citigroup Inc diversification synergy

Almost no diversification

Overlapping area represents the amount of risk that can be diversified away by holding Citigroup Inc and Bank Nova Scotia Halifax Pfd 3 in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Bank of Nova Scotia 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 Bank of Nova Scotia. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bank of Nova Scotia has no effect on the direction of Citigroup i.e. Citigroup and Bank of Nova Scotia go up and down completely randomly.
See also your portfolio center. Please also try Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.


 
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