Correlation Between Footway Group and Citigroup
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By analyzing existing cross correlation between Footway Group AB and Citigroup, you can compare the effects of market volatilities on Footway Group 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 Footway Group with a short position of Citigroup. Check out your portfolio center. Please also check ongoing floating volatility patterns of Footway Group and Citigroup.
Diversification Opportunities for Footway Group and Citigroup
0.42 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Footway and Citigroup is 0.42. Overlapping area represents the amount of risk that can be diversified away by holding Footway Group AB and Citigroup in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Citigroup and Footway Group 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 Footway Group AB 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 Footway Group i.e., Footway Group and Citigroup go up and down completely randomly.
Pair Corralation between Footway Group and Citigroup
Assuming the 90 days trading horizon Footway Group is expected to generate 2.21 times less return on investment than Citigroup. In addition to that, Footway Group is 2.09 times more volatile than Citigroup. It trades about 0.04 of its total potential returns per unit of risk. Citigroup is currently generating about 0.19 per unit of volatility. If you would invest 5,316 in Citigroup on January 26, 2024 and sell it today you would earn a total of 931.00 from holding Citigroup or generate 17.51% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Footway Group AB vs. Citigroup
Performance |
| Timeline |
| Footway Group AB |
| Citigroup |
Footway Group and Citigroup Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Footway Group and Citigroup
The main advantage of trading using opposite Footway Group and Citigroup positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Footway Group 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.| Footway Group vs. Karolinska Development AB | Footway Group vs. Moment Group AB | Footway Group vs. Aegirbio AB | Footway Group vs. Oscar Properties Holding |
| 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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.
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