Correlation Between Jabil Circuit and CITIGROUP
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By analyzing existing cross correlation between Jabil Circuit and CITIGROUP FDG INC, you can compare the effects of market volatilities on Jabil Circuit 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 Jabil Circuit with a short position of CITIGROUP. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jabil Circuit and CITIGROUP.
Diversification Opportunities for Jabil Circuit and CITIGROUP
0.73 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Jabil and CITIGROUP is 0.73. Overlapping area represents the amount of risk that can be diversified away by holding Jabil Circuit and CITIGROUP FDG INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CITIGROUP FDG INC and Jabil Circuit 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 Jabil Circuit 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 FDG INC has no effect on the direction of Jabil Circuit i.e., Jabil Circuit and CITIGROUP go up and down completely randomly.
Pair Corralation between Jabil Circuit and CITIGROUP
Considering the 90-day investment horizon Jabil Circuit is expected to generate 2.85 times more return on investment than CITIGROUP. However, Jabil Circuit is 2.85 times more volatile than CITIGROUP FDG INC. It trades about 0.12 of its potential returns per unit of risk. CITIGROUP FDG INC is currently generating about -0.02 per unit of risk. If you would invest 10,864 in Jabil Circuit on September 26, 2024 and sell it today you would earn a total of 3,913 from holding Jabil Circuit or generate 36.02% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Significant |
Accuracy | 25.6% |
Values | Daily Returns |
Jabil Circuit vs. CITIGROUP FDG INC
Performance |
Timeline |
Jabil Circuit |
CITIGROUP FDG INC |
Jabil Circuit and CITIGROUP Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Jabil Circuit and CITIGROUP
The main advantage of trading using opposite Jabil Circuit and CITIGROUP positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jabil Circuit 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.Jabil Circuit vs. Sanmina | Jabil Circuit vs. Celestica | Jabil Circuit vs. Plexus Corp | Jabil Circuit vs. Fabrinet |
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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 Stocks Directory module to find actively traded stocks across global markets.
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