Correlation Between Citigroup and Betmakers Technology
Can any of the company-specific risk be diversified away by investing in both Citigroup and Betmakers Technology 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 Citigroup and Betmakers Technology into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Citigroup and Betmakers Technology Group, you can compare the effects of market volatilities on Citigroup and Betmakers Technology 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 Betmakers Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citigroup and Betmakers Technology.
Diversification Opportunities for Citigroup and Betmakers Technology
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Citigroup and Betmakers is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Citigroup and Betmakers Technology Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Betmakers Technology 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 Betmakers Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Betmakers Technology has no effect on the direction of Citigroup i.e., Citigroup and Betmakers Technology go up and down completely randomly.
Pair Corralation between Citigroup and Betmakers Technology
If you would invest 5,857 in Citigroup on September 6, 2024 and sell it today you would earn a total of 1,293 from holding Citigroup or generate 22.08% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
Citigroup vs. Betmakers Technology Group
Performance |
Timeline |
Citigroup |
Betmakers Technology |
Citigroup and Betmakers Technology Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Citigroup and Betmakers Technology
The main advantage of trading using opposite Citigroup and Betmakers Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citigroup position performs unexpectedly, Betmakers Technology 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 Betmakers Technology will offset losses from the drop in Betmakers Technology's long position.Citigroup vs. Aquagold International | Citigroup vs. Thrivent High Yield | Citigroup vs. Morningstar Unconstrained Allocation | Citigroup vs. Via Renewables |
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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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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