Correlation Between ATHENE HOLDING and Coca Cola
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By analyzing existing cross correlation between ATHENE HOLDING PRFSERC and The Coca Cola, you can compare the effects of market volatilities on ATHENE HOLDING 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 ATHENE HOLDING with a short position of Coca Cola. Check out your portfolio center. Please also check ongoing floating volatility patterns of ATHENE HOLDING and Coca Cola.
Diversification Opportunities for ATHENE HOLDING and Coca Cola
-0.7 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between ATHENE and Coca is -0.7. Overlapping area represents the amount of risk that can be diversified away by holding ATHENE HOLDING PRFSERC and The Coca Cola in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Coca Cola and ATHENE HOLDING 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 ATHENE HOLDING PRFSERC 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 ATHENE HOLDING i.e., ATHENE HOLDING and Coca Cola go up and down completely randomly.
Pair Corralation between ATHENE HOLDING and Coca Cola
Assuming the 90 days trading horizon ATHENE HOLDING PRFSERC is expected to generate 0.79 times more return on investment than Coca Cola. However, ATHENE HOLDING PRFSERC is 1.26 times less risky than Coca Cola. It trades about 0.2 of its potential returns per unit of risk. The Coca Cola is currently generating about -0.08 per unit of risk. If you would invest 2,183 in ATHENE HOLDING PRFSERC on September 24, 2024 and sell it today you would earn a total of 197.00 from holding ATHENE HOLDING PRFSERC or generate 9.02% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Weak |
Accuracy | 100.0% |
Values | Daily Returns |
ATHENE HOLDING PRFSERC vs. The Coca Cola
Performance |
Timeline |
ATHENE HOLDING PRFSERC |
Coca Cola |
ATHENE HOLDING and Coca Cola Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with ATHENE HOLDING and Coca Cola
The main advantage of trading using opposite ATHENE HOLDING and Coca Cola positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ATHENE HOLDING 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.ATHENE HOLDING vs. Media and Games | ATHENE HOLDING vs. FUTURE GAMING GRP | ATHENE HOLDING vs. MCEWEN MINING INC | ATHENE HOLDING vs. Harmony Gold Mining |
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 Portfolio Anywhere module to track or share privately all of your investments from the convenience of any device.
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