Correlation Between Citigroup and AtriCure
Can any of the company-specific risk be diversified away by investing in both Citigroup and AtriCure 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 AtriCure into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Citigroup and AtriCure, you can compare the effects of market volatilities on Citigroup and AtriCure 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 AtriCure. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citigroup and AtriCure.
Diversification Opportunities for Citigroup and AtriCure
Average diversification
The 3 months correlation between Citigroup and AtriCure is 0.15. Overlapping area represents the amount of risk that can be diversified away by holding Citigroup and AtriCure in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AtriCure 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 AtriCure. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AtriCure has no effect on the direction of Citigroup i.e., Citigroup and AtriCure go up and down completely randomly.
Pair Corralation between Citigroup and AtriCure
Taking into account the 90-day investment horizon Citigroup is expected to generate 9.99 times less return on investment than AtriCure. But when comparing it to its historical volatility, Citigroup is 1.99 times less risky than AtriCure. It trades about 0.02 of its potential returns per unit of risk. AtriCure is currently generating about 0.11 of returns per unit of risk over similar time horizon. If you would invest 3,150 in AtriCure on July 25, 2025 and sell it today you would earn a total of 589.00 from holding AtriCure or generate 18.7% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Citigroup vs. AtriCure
Performance |
| Timeline |
| Citigroup |
| AtriCure |
Citigroup and AtriCure Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citigroup and AtriCure
The main advantage of trading using opposite Citigroup and AtriCure positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citigroup position performs unexpectedly, AtriCure 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 AtriCure will offset losses from the drop in AtriCure's long position.| Citigroup vs. Mitsubishi UFJ Financial | Citigroup vs. Royal Bank of | Citigroup vs. Bank of America | Citigroup vs. Wells Fargo |
| AtriCure vs. Quidel | AtriCure vs. LeMaitre Vascular | AtriCure vs. Novocure | AtriCure vs. Twist Bioscience Corp |
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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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