Correlation Between COMCAST and Coca Cola
Specify exactly 2 symbols:
By analyzing existing cross correlation between COMCAST P NEW and The Coca Cola, you can compare the effects of market volatilities on COMCAST and Coca Cola 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 COMCAST with a short position of Coca Cola. Check out your portfolio center. Please also check ongoing floating volatility patterns of COMCAST and Coca Cola.
Diversification Opportunities for COMCAST and Coca Cola
Very poor diversification
The 3 months correlation between COMCAST and Coca is 0.8. Overlapping area represents the amount of risk that can be diversified away by holding COMCAST P NEW and The Coca Cola in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Coca Cola and COMCAST 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 COMCAST P NEW are associated (or correlated) with Coca Cola. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Coca Cola has no effect on the direction of COMCAST i.e., COMCAST and Coca Cola go up and down completely randomly.
Pair Corralation between COMCAST and Coca Cola
Assuming the 90 days trading horizon COMCAST P NEW is expected to generate 0.76 times more return on investment than Coca Cola. However, COMCAST P NEW is 1.32 times less risky than Coca Cola. It trades about -0.16 of its potential returns per unit of risk. The Coca Cola is currently generating about -0.29 per unit of risk. If you would invest 10,675 in COMCAST P NEW on August 30, 2024 and sell it today you would lose (433.00) from holding COMCAST P NEW or give up 4.06% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 90.91% |
| Values | Daily Returns |
COMCAST P NEW vs. The Coca Cola
Performance |
| Timeline |
| COMCAST P NEW |
| Coca Cola |
COMCAST and Coca Cola Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with COMCAST and Coca Cola
The main advantage of trading using opposite COMCAST and Coca Cola positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if COMCAST position performs unexpectedly, Coca Cola 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 Coca Cola will offset losses from the drop in Coca Cola's long position.| COMCAST vs. Playtech plc | COMCAST vs. Bank of New | COMCAST vs. BW Offshore Limited | COMCAST vs. Cleantech Power Corp |
| Coca Cola vs. Coca Cola Consolidated | Coca Cola vs. Keurig Dr Pepper | Coca Cola vs. PepsiCo | Coca Cola vs. Coca Cola Femsa SAB |
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 Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
Other Complementary Tools
| FinTech Suite Use AI to screen and filter profitable investment opportunities | |
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
| Equity Forecasting Use basic forecasting models to generate price predictions and determine price momentum | |
| Odds Of Bankruptcy Get analysis of equity chance of financial distress in the next 2 years |