Correlation Between Coca Cola and 126408HV8
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By analyzing existing cross correlation between The Coca Cola and CSX 45 15 NOV 52, you can compare the effects of market volatilities on Coca Cola and 126408HV8 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 126408HV8. Check out your portfolio center. Please also check ongoing floating volatility patterns of Coca Cola and 126408HV8.
Diversification Opportunities for Coca Cola and 126408HV8
Poor diversification
The 3 months correlation between Coca and 126408HV8 is 0.62. Overlapping area represents the amount of risk that can be diversified away by holding The Coca Cola and CSX 45 15 NOV 52 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CSX 45 15 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 126408HV8. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CSX 45 15 has no effect on the direction of Coca Cola i.e., Coca Cola and 126408HV8 go up and down completely randomly.
Pair Corralation between Coca Cola and 126408HV8
Allowing for the 90-day total investment horizon The Coca Cola is expected to under-perform the 126408HV8. But the stock apears to be less risky and, when comparing its historical volatility, The Coca Cola is 2.09 times less risky than 126408HV8. The stock trades about -0.03 of its potential returns per unit of risk. The CSX 45 15 NOV 52 is currently generating about 0.12 of returns per unit of risk over similar time horizon. If you would invest 8,651 in CSX 45 15 NOV 52 on September 2, 2024 and sell it today you would earn a total of 317.00 from holding CSX 45 15 NOV 52 or generate 3.66% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 85.71% |
| Values | Daily Returns |
The Coca Cola vs. CSX 45 15 NOV 52
Performance |
| Timeline |
| Coca Cola |
| CSX 45 15 |
Coca Cola and 126408HV8 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Coca Cola and 126408HV8
The main advantage of trading using opposite Coca Cola and 126408HV8 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Coca Cola position performs unexpectedly, 126408HV8 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 126408HV8 will offset losses from the drop in 126408HV8's long position.| Coca Cola vs. Monster Beverage Corp | Coca Cola vs. Celsius Holdings | Coca Cola vs. Coca Cola Consolidated | Coca Cola vs. Keurig Dr Pepper |
| 126408HV8 vs. The Coca Cola | 126408HV8 vs. Four Seasons Education | 126408HV8 vs. Scholastic | 126408HV8 vs. Lincoln Educational Services |
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