There are few more dangerous words in finance than “this time is different.” But for Citigroup, perhaps it is safer to say that at the very least, “this time is not quite the same.”

Over the past three months, Citigroup shares have led the way among the big six U.S. global banks, rising more than 30% in that time. But the bank’s stock has trapped bargain-hunting investors before. Back in 2019, its shares soundly outperformed peers including JPMorgan Chase, with a more than 50% rise.