Correlation Between Coca Cola and CABLEVISION
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By analyzing existing cross correlation between The Coca Cola and CABLEVISION LIGHTPATH LLC, you can compare the effects of market volatilities on Coca Cola and CABLEVISION 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 CABLEVISION. Check out your portfolio center. Please also check ongoing floating volatility patterns of Coca Cola and CABLEVISION.
Diversification Opportunities for Coca Cola and CABLEVISION
0.31 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Coca and CABLEVISION is 0.31. Overlapping area represents the amount of risk that can be diversified away by holding The Coca Cola and CABLEVISION LIGHTPATH LLC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CABLEVISION LIGHTPATH LLC 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 CABLEVISION. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CABLEVISION LIGHTPATH LLC has no effect on the direction of Coca Cola i.e., Coca Cola and CABLEVISION go up and down completely randomly.
Pair Corralation between Coca Cola and CABLEVISION
Allowing for the 90-day total investment horizon The Coca Cola is expected to generate 0.31 times more return on investment than CABLEVISION. However, The Coca Cola is 3.26 times less risky than CABLEVISION. It trades about -0.17 of its potential returns per unit of risk. CABLEVISION LIGHTPATH LLC is currently generating about -0.27 per unit of risk. If you would invest 6,667 in The Coca Cola on August 27, 2024 and sell it today you would lose (229.00) from holding The Coca Cola or give up 3.43% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 66.67% |
| Values | Daily Returns |
The Coca Cola vs. CABLEVISION LIGHTPATH LLC
Performance |
| Timeline |
| Coca Cola |
| CABLEVISION LIGHTPATH LLC |
Coca Cola and CABLEVISION Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Coca Cola and CABLEVISION
The main advantage of trading using opposite Coca Cola and CABLEVISION positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Coca Cola position performs unexpectedly, CABLEVISION 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 CABLEVISION will offset losses from the drop in CABLEVISION'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 |
| CABLEVISION vs. United Guardian | CABLEVISION vs. TFI International | CABLEVISION vs. Saia Inc | CABLEVISION vs. Sun Country Airlines |
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 Directory module to find actively traded commodities issued by global exchanges.
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