Correlation Between Westfield Capital and Citigroup
Can any of the company-specific risk be diversified away by investing in both Westfield Capital 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 Westfield Capital and Citigroup into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Westfield Capital Dividend and Citigroup, you can compare the effects of market volatilities on Westfield Capital 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 Westfield Capital with a short position of Citigroup. Check out your portfolio center. Please also check ongoing floating volatility patterns of Westfield Capital and Citigroup.
Diversification Opportunities for Westfield Capital and Citigroup
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Westfield and Citigroup is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Westfield Capital Dividend and Citigroup in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Citigroup and Westfield Capital 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 Westfield Capital Dividend 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 Westfield Capital i.e., Westfield Capital and Citigroup go up and down completely randomly.
Pair Corralation between Westfield Capital and Citigroup
If you would invest 4,469 in Citigroup on January 24, 2024 and sell it today you would earn a total of 1,626 from holding Citigroup or generate 36.38% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Westfield Capital Dividend vs. Citigroup
Performance |
| Timeline |
| Westfield Capital |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Citigroup |
Westfield Capital and Citigroup Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Westfield Capital and Citigroup
The main advantage of trading using opposite Westfield Capital and Citigroup positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Westfield Capital 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.| Westfield Capital vs. Artisan Emerging Markets | Westfield Capital vs. Legg Mason Partners | Westfield Capital vs. Siit Emerging Markets | Westfield Capital vs. Gmo Emerging Markets |
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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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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