Correlation Between Coca Cola and Jacquet Metal
Specify exactly 2 symbols:
By analyzing existing cross correlation between The Coca Cola and Jacquet Metal Service, you can compare the effects of market volatilities on Coca Cola and Jacquet Metal 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 Coca Cola with a short position of Jacquet Metal. Check out your portfolio center. Please also check ongoing floating volatility patterns of Coca Cola and Jacquet Metal.
Diversification Opportunities for Coca Cola and Jacquet Metal
0.14 | Correlation Coefficient |
Average diversification
The 3 months correlation between Coca and Jacquet is 0.14. Overlapping area represents the amount of risk that can be diversified away by holding The Coca Cola and Jacquet Metal Service in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jacquet Metal Service and Coca Cola 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 The Coca Cola are associated (or correlated) with Jacquet Metal. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jacquet Metal Service has no effect on the direction of Coca Cola i.e., Coca Cola and Jacquet Metal go up and down completely randomly.
Pair Corralation between Coca Cola and Jacquet Metal
Assuming the 90 days trading horizon The Coca Cola is expected to generate 0.48 times more return on investment than Jacquet Metal. However, The Coca Cola is 2.08 times less risky than Jacquet Metal. It trades about -0.11 of its potential returns per unit of risk. Jacquet Metal Service is currently generating about -0.27 per unit of risk. If you would invest 6,006 in The Coca Cola on October 28, 2024 and sell it today you would lose (138.00) from holding The Coca Cola or give up 2.3% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
The Coca Cola vs. Jacquet Metal Service
Performance |
| Timeline |
| Coca Cola |
| Jacquet Metal Service |
Coca Cola and Jacquet Metal Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Coca Cola and Jacquet Metal
The main advantage of trading using opposite Coca Cola and Jacquet Metal positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Coca Cola position performs unexpectedly, Jacquet Metal 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 Jacquet Metal will offset losses from the drop in Jacquet Metal's long position.| Coca Cola vs. BANK OF CHINA | Coca Cola vs. Air Transport Services | Coca Cola vs. CVW CLEANTECH INC | Coca Cola vs. DISTRICT METALS |
| Jacquet Metal vs. Medical Properties Trust | Jacquet Metal vs. Apollo Medical Holdings | Jacquet Metal vs. Peijia Medical Limited | Jacquet Metal vs. Scandinavian Tobacco Group |
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 Equity Valuation module to check real value of public entities based on technical and fundamental data.
Other Complementary Tools
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| Pair Correlation Compare performance and examine fundamental relationship between any two equity instruments | |
| Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities | |
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
| CEOs Directory Screen CEOs from public companies around the world |