Correlation Between Coca Cola and ImmunoGen
Can any of the company-specific risk be diversified away by investing in both Coca Cola and ImmunoGen 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 Coca Cola and ImmunoGen into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between The Coca Cola and ImmunoGen, you can compare the effects of market volatilities on Coca Cola and ImmunoGen 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 ImmunoGen. Check out your portfolio center. Please also check ongoing floating volatility patterns of Coca Cola and ImmunoGen.
Diversification Opportunities for Coca Cola and ImmunoGen
Pay attention - limited upside
The 3 months correlation between Coca and ImmunoGen is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding The Coca Cola and ImmunoGen in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ImmunoGen 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 ImmunoGen. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ImmunoGen has no effect on the direction of Coca Cola i.e., Coca Cola and ImmunoGen go up and down completely randomly.
Pair Corralation between Coca Cola and ImmunoGen
If you would invest 6,192 in The Coca Cola on November 25, 2024 and sell it today you would earn a total of 943.00 from holding The Coca Cola or generate 15.23% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 0.0% |
Values | Daily Returns |
The Coca Cola vs. ImmunoGen
Performance |
Timeline |
Coca Cola |
ImmunoGen |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
Coca Cola and ImmunoGen Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Coca Cola and ImmunoGen
The main advantage of trading using opposite Coca Cola and ImmunoGen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Coca Cola position performs unexpectedly, ImmunoGen 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 ImmunoGen will offset losses from the drop in ImmunoGen's long position.Coca Cola vs. Trustcash Holdings | ||
Coca Cola vs. M Line Hldgs | ||
Coca Cola vs. Aquagold International | ||
Coca Cola vs. Morningstar Unconstrained Allocation |
ImmunoGen vs. Madrigal Pharmaceuticals | ||
ImmunoGen vs. TG Therapeutics | ||
ImmunoGen vs. Terns Pharmaceuticals | ||
ImmunoGen vs. Hepion Pharmaceuticals |
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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.
Other Complementary Tools
Risk-Return Analysis View associations between returns expected from investment and the risk you assume | |
Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio | |
Portfolio Volatility Check portfolio volatility and analyze historical return density to properly model market risk | |
Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios | |
Volatility Analysis Get historical volatility and risk analysis based on latest market data |