Correlation Between Astonanchor Capital and Citigroup
Can any of the company-specific risk be diversified away by investing in both Astonanchor 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 Astonanchor Capital and Citigroup into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Astonanchor Capital Enhanced and Citigroup, you can compare the effects of market volatilities on Astonanchor 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 Astonanchor Capital with a short position of Citigroup. Check out your portfolio center. Please also check ongoing floating volatility patterns of Astonanchor Capital and Citigroup.
Diversification Opportunities for Astonanchor Capital and Citigroup
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Astonanchor and Citigroup is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding ASTONANCHOR CAPITAL ENHANCED and Citigroup in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Citigroup and Astonanchor 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 Astonanchor Capital Enhanced 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 Astonanchor Capital i.e., Astonanchor Capital and Citigroup go up and down completely randomly.
Pair Corralation between Astonanchor Capital and Citigroup
If you would invest 5,571 in Citigroup on December 29, 2023 and sell it today you would earn a total of 704.00 from holding Citigroup or generate 12.64% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 0.0% |
Values | Daily Returns |
ASTONANCHOR CAPITAL ENHANCED vs. Citigroup
Performance |
Timeline |
Astonanchor Capital |
Risk-Adjusted Performance
0 of 100
Low | High |
Very Weak
Citigroup |
Astonanchor Capital and Citigroup Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Astonanchor Capital and Citigroup
The main advantage of trading using opposite Astonanchor Capital and Citigroup positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Astonanchor 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.Astonanchor Capital vs. T Rowe Price | Astonanchor Capital vs. Touchstone Large Cap | Astonanchor Capital vs. Franklin Servative Allocation | Astonanchor Capital vs. Dodge Cox Stock |
Citigroup vs. Bank Of America | Citigroup vs. Deckers Outdoor | Citigroup vs. Intuitive Machines | Citigroup vs. Liberty Interactive LLC |
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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.
Other Complementary Tools
Global Correlations Find global opportunities by holding instruments from different markets | |
Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
Correlation Analysis Reduce portfolio risk simply by holding instruments which are not perfectly correlated | |
CEOs Directory Screen CEOs from public companies around the world | |
Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk | |
Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes | |
Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format |