{"slug":"dividend-capture-strategy","qid":"ko_trace","label":"Coca-Cola (KO): overnight decline vs dividend on each ex-dividend date, Sep 2023 to Jun 2026","post_title":"Does Dividend Capture Actually Work?","post_url":"/blog/dividend-capture-strategy#q-ko_trace","columns":["date","dividend_usd","overnight_decline_usd","decline_minus_dividend_usd"],"rows":[{"date":"2023-09-14","dividend_usd":0.46,"overnight_decline_usd":0.2,"decline_minus_dividend_usd":-0.26},{"date":"2023-11-30","dividend_usd":0.46,"overnight_decline_usd":0.27,"decline_minus_dividend_usd":-0.19},{"date":"2024-03-14","dividend_usd":0.485,"overnight_decline_usd":0.54,"decline_minus_dividend_usd":0.055},{"date":"2024-06-14","dividend_usd":0.485,"overnight_decline_usd":0.61,"decline_minus_dividend_usd":0.125},{"date":"2024-09-13","dividend_usd":0.485,"overnight_decline_usd":0.39,"decline_minus_dividend_usd":-0.095},{"date":"2024-11-29","dividend_usd":0.485,"overnight_decline_usd":0.41,"decline_minus_dividend_usd":-0.075},{"date":"2025-03-14","dividend_usd":0.51,"overnight_decline_usd":1.11,"decline_minus_dividend_usd":0.6},{"date":"2025-06-13","dividend_usd":0.51,"overnight_decline_usd":0.47,"decline_minus_dividend_usd":-0.04},{"date":"2025-09-15","dividend_usd":0.51,"overnight_decline_usd":0.33,"decline_minus_dividend_usd":-0.18},{"date":"2025-12-01","dividend_usd":0.51,"overnight_decline_usd":0.52,"decline_minus_dividend_usd":0.01},{"date":"2026-03-13","dividend_usd":0.53,"overnight_decline_usd":0.14,"decline_minus_dividend_usd":-0.39},{"date":"2026-06-15","dividend_usd":0.53,"overnight_decline_usd":1.54,"decline_minus_dividend_usd":1.01}],"shape":"series","sql":"WITH px AS (\n    SELECT date,\n           toFloat64(open) AS day_open,\n           lagInFrame(toFloat64(close)) OVER (ORDER BY date\n                                              ROWS BETWEEN 1 PRECEDING AND CURRENT ROW) AS prev_close\n    FROM global_markets.stocks_daily_aggs\n    WHERE ticker = 'KO'\n      AND date BETWEEN toDate('2023-06-01') AND toDate('2026-06-30')\n      AND open > 0 AND close > 0\n),\ndv AS (\n    SELECT ex_dividend_date AS d, max(cash_amount) AS div_amount\n    FROM global_markets.stocks_dividends\n    WHERE ticker = 'KO'\n      AND distribution_type = 'recurring'\n      AND cash_amount > 0\n      AND ex_dividend_date BETWEEN toDate('2023-07-01') AND toDate('2026-06-30')\n    GROUP BY d\n)\nSELECT formatDateTime(px.date, '%Y-%m-%d') AS date,\n       round(dv.div_amount, 3) AS dividend_usd,\n       round(px.prev_close - px.day_open, 3) AS overnight_decline_usd,\n       round((px.prev_close - px.day_open) - dv.div_amount, 3) AS decline_minus_dividend_usd\nFROM px\nINNER JOIN dv ON px.date = dv.d\nORDER BY date","computed_at":"2026-08-01T02:21:38.278632+00:00","elapsed":0.002890987}