Correlation Analysis Between Citigroup and Canadian Imperial

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

Citigroup  
00

Risk-Adjusted Performance

Over the last 30 days Citigroup has generated negative risk-adjusted returns adding no value to investors with long positions. Despite somewhat strong basic indicators, Citigroup is not utilizing all of its potentials. The new stock price disturbance, may contribute to short term losses for the investors.
Canadian Imperial Bank  
88

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Canadian Imperial Bank Of Comme are ranked lower than 8 (%) of all global equities and portfolios over the last 30 days. Even with considerably sluggish technical indicators, Canadian Imperial may actually be approaching a critical reversion point that can send shares even higher in November 2019.

Citigroup and Canadian Imperial Volatility Contrast

 Predicted Return Density 
      Returns 

Citigroup Inc  vs.  Canadian Imperial Bank Of Comm

 Performance (%) 
      Timeline 

Pair Volatility

Taking into account the 30 trading days horizon, Citigroup is expected to under-perform the Canadian Imperial. In addition to that, Citigroup is 1.93 times more volatile than Canadian Imperial Bank Of Comme. It trades about 0.0 of its total potential returns per unit of risk. Canadian Imperial Bank Of Comme is currently generating about 0.13 per unit of volatility. If you would invest  7,839  in Canadian Imperial Bank Of Comme on September 19, 2019 and sell it today you would earn a total of  616.00  from holding Canadian Imperial Bank Of Comme or generate 7.86% return on investment over 30 days.

Pair Corralation between Citigroup and Canadian Imperial

0.72
Time Period3 Months [change]
DirectionPositive 
StrengthSignificant
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for Citigroup and Canadian Imperial

Citigroup Inc diversification synergy

Poor diversification

Overlapping area represents the amount of risk that can be diversified away by holding Citigroup Inc and Canadian Imperial Bank Of Comm in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Canadian Imperial Bank 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 Canadian Imperial. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Canadian Imperial Bank has no effect on the direction of Citigroup i.e. Citigroup and Canadian Imperial go up and down completely randomly.
See also your portfolio center. Please also try Portfolio File Import module to quickly import all of your third-party portfolios from your local drive in csv format.


 
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