Correlation Between Roadrunner Transportation and Citigroup
Can any of the company-specific risk be diversified away by investing in both Roadrunner Transportation 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 Roadrunner Transportation and Citigroup into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Roadrunner Transportation Systems and Citigroup, you can compare the effects of market volatilities on Roadrunner Transportation 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 Roadrunner Transportation with a short position of Citigroup. Check out your portfolio center. Please also check ongoing floating volatility patterns of Roadrunner Transportation and Citigroup.
Diversification Opportunities for Roadrunner Transportation and Citigroup
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Roadrunner and Citigroup is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Roadrunner Transportation Syst and Citigroup in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Citigroup and Roadrunner Transportation 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 Roadrunner Transportation Systems 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 Roadrunner Transportation i.e., Roadrunner Transportation and Citigroup go up and down completely randomly.
Pair Corralation between Roadrunner Transportation and Citigroup
If you would invest 6,166 in Citigroup on January 26, 2024 and sell it today you would earn a total of 81.00 from holding Citigroup or generate 1.31% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 4.76% |
| Values | Daily Returns |
Roadrunner Transportation Syst vs. Citigroup
Performance |
| Timeline |
| Roadrunner Transportation |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Citigroup |
Roadrunner Transportation and Citigroup Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Roadrunner Transportation and Citigroup
The main advantage of trading using opposite Roadrunner Transportation and Citigroup positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Roadrunner Transportation 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.| Roadrunner Transportation vs. Universal Logistics Holdings | Roadrunner Transportation vs. Marten Transport | Roadrunner Transportation vs. Heartland Express | Roadrunner Transportation vs. Werner Enterprises |
| Citigroup vs. Wells Fargo | Citigroup vs. Aquagold International | Citigroup vs. Thrivent High Yield | Citigroup vs. Morningstar Unconstrained Allocation |
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 Portfolio Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
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