Correlation Between Ssga High and Citigroup
Can any of the company-specific risk be diversified away by investing in both Ssga High 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 Ssga High and Citigroup into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Ssga High Yield and Citigroup, you can compare the effects of market volatilities on Ssga High 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 Ssga High with a short position of Citigroup. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ssga High and Citigroup.
Diversification Opportunities for Ssga High and Citigroup
Pay attention - limited upside
The 3 months correlation between Ssga and Citigroup is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Ssga High Yield and Citigroup in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Citigroup and Ssga High 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 Ssga High Yield 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 Ssga High i.e., Ssga High and Citigroup go up and down completely randomly.
Pair Corralation between Ssga High and Citigroup
If you would invest 6,095 in Citigroup on January 25, 2024 and sell it today you would earn a total of 153.00 from holding Citigroup or generate 2.51% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Ssga High Yield vs. Citigroup
Performance |
| Timeline |
| Ssga High Yield |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Citigroup |
Ssga High and Citigroup Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ssga High and Citigroup
The main advantage of trading using opposite Ssga High and Citigroup positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ssga High 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.| Ssga High vs. Quantitative Longshort Equity | Ssga High vs. Morgan Stanley Ultra Short | Ssga High vs. T Rowe Price | Ssga High vs. Semper Short Duration |
| 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 Portfolio Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.
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