Correlation Between Coca Cola and EXPNLN
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By analyzing existing cross correlation between The Coca Cola and EXPNLN 425 01 FEB 29, you can compare the effects of market volatilities on Coca Cola and EXPNLN 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 EXPNLN. Check out your portfolio center. Please also check ongoing floating volatility patterns of Coca Cola and EXPNLN.
Diversification Opportunities for Coca Cola and EXPNLN
Pay attention - limited upside
The 3 months correlation between Coca and EXPNLN is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding The Coca Cola and EXPNLN 425 01 FEB 29 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on EXPNLN 425 01 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 EXPNLN. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of EXPNLN 425 01 has no effect on the direction of Coca Cola i.e., Coca Cola and EXPNLN go up and down completely randomly.
Pair Corralation between Coca Cola and EXPNLN
If you would invest (100.00) in EXPNLN 425 01 FEB 29 on September 2, 2024 and sell it today you would earn a total of 100.00 from holding EXPNLN 425 01 FEB 29 or generate -100.0% 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. EXPNLN 425 01 FEB 29
Performance |
| Timeline |
| Coca Cola |
| EXPNLN 425 01 |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Coca Cola and EXPNLN Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Coca Cola and EXPNLN
The main advantage of trading using opposite Coca Cola and EXPNLN positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Coca Cola position performs unexpectedly, EXPNLN 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 EXPNLN will offset losses from the drop in EXPNLN'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 |
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 Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.
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