This module allows you to analyze existing cross correlation between CVS Health Corporation and Citigroup. You can compare the effects of market volatilities on CVS Health 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 CVS Health with a short position of Citigroup. See also your portfolio center
. Please also check ongoing floating volatility patterns of CVS Health
Over the last 30 days CVS Health Corporation has generated negative risk-adjusted returns adding no value to investors with long positions.
Over the last 30 days Citigroup has generated negative risk-adjusted returns adding no value to investors with long positions.
CVS Health and Citigroup Volatility Contrast
CVS Health Corp. vs. Citigroup Inc
Considering 30-days investment horizon, CVS Health Corporation is expected to generate 1.02 times more return on investment than Citigroup. However, CVS Health is 1.02 times more volatile than Citigroup. It trades about -0.06 of its potential returns per unit of risk. Citigroup is currently generating about -0.28 per unit of risk. If you would invest 7,418 in CVS Health Corporation on November 18, 2018 and sell it today you would lose (389.50) from holding CVS Health Corporation or give up 5.25% of portfolio value over 30 days.
Pair Corralation between CVS Health and Citigroup
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Diversification Opportunities for CVS Health and Citigroup
Overlapping area represents the amount of risk that can be diversified away by holding CVS Health Corp. and Citigroup Inc in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Citigroup and CVS Health 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 CVS Health Corporation 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 CVS Health i.e. CVS Health and Citigroup go up and down completely randomly.
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. Please also try Instant Ratings
module to determine any equity ratings based on digital recommendations. macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.