Correlation Between Migdal Mutual and Citigroup
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By analyzing existing cross correlation between Migdal Mutual Funds and Citigroup, you can compare the effects of market volatilities on Migdal Mutual 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 Migdal Mutual with a short position of Citigroup. Check out your portfolio center. Please also check ongoing floating volatility patterns of Migdal Mutual and Citigroup.
Diversification Opportunities for Migdal Mutual and Citigroup
0.44 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Migdal and Citigroup is 0.44. Overlapping area represents the amount of risk that can be diversified away by holding Migdal Mutual Funds and Citigroup in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Citigroup and Migdal Mutual 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 Migdal Mutual Funds 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 Migdal Mutual i.e., Migdal Mutual and Citigroup go up and down completely randomly.
Pair Corralation between Migdal Mutual and Citigroup
Assuming the 90 days trading horizon Migdal Mutual Funds is expected to under-perform the Citigroup. But the etf apears to be less risky and, when comparing its historical volatility, Migdal Mutual Funds is 1.13 times less risky than Citigroup. The etf trades about -0.02 of its potential returns per unit of risk. The Citigroup is currently generating about 0.12 of returns per unit of risk over similar time horizon. If you would invest 4,583 in Citigroup on January 24, 2024 and sell it today you would earn a total of 1,512 from holding Citigroup or generate 32.99% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 81.08% |
| Values | Daily Returns |
Migdal Mutual Funds vs. Citigroup
Performance |
| Timeline |
| Migdal Mutual Funds |
| Citigroup |
Migdal Mutual and Citigroup Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Migdal Mutual and Citigroup
The main advantage of trading using opposite Migdal Mutual and Citigroup positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Migdal Mutual 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.| Migdal Mutual vs. Migdal Mutual Funds | Migdal Mutual vs. Migdal Mutual Funds | Migdal Mutual vs. Migdal Mutual Funds | Migdal Mutual vs. Migdal Mutual Funds |
| Citigroup vs. JPMorgan Chase Co | Citigroup vs. Wells Fargo | Citigroup vs. Toronto Dominion Bank | Citigroup vs. Nu Holdings |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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