Codexis Correlations

CDXS Stock

USD 1.63 0.05 2.98%

The current 90-days correlation between Codexis and IQVIA Holdings is 0.15 (i.e., Average diversification). The correlation of Codexis is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak. If the correlation is 0, the equities are not correlated; they are entirely random.

Codexis Correlation With Market

Weak diversification

The correlation between Codexis and DJI is 0.36 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Codexis and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Codexis Stock

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Codexis. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in median.

For more information on how to buy Codexis Stock please use our How to Invest in Codexis guide.

Moving together with Codexis Stock

0.79	OBD	Oxford Biodynamics PLC	Pair Corr
0.81	603259	WuXi AppTec	Pair Corr
0.78	CDT	Conduit Pharmaceuticals	Pair Corr
0.89	TEM	Tempus AI, Class	Pair Corr
0.85	PRTC	PureTech Health plc	Pair Corr
0.9	OSL	Oncosil Medical	Pair Corr
0.92	NOTV	Inotiv Inc	Pair Corr

Moving against Codexis Stock

0.9	ILMN	Illumina	Pair Corr
0.89	HBIO	Harvard Bioscience	Pair Corr
0.87	TXG	10X Genomics	Pair Corr
0.81	WAT	Waters	Pair Corr
0.64	FTRE	Fortrea Holdings	Pair Corr
0.64	IQV	IQVIA Holdings	Pair Corr
0.62	TMO	Thermo Fisher Scientific	Pair Corr
0.61	MTD	Mettler Toledo Inter	Pair Corr
0.56	MEDP	Medpace Holdings	Pair Corr
0.48	MLAB	Mesa Laboratories	Pair Corr
0.43	CTE	Cryosite	Pair Corr
0.36	A	Agilent Technologies	Pair Corr
0.35	LAB	Standard Biotools	Pair Corr
0.31	SHC	Sotera Health	Pair Corr
0.82	BRKR	Bruker	Pair Corr
0.57	CNTGF	Centogene NV	Pair Corr
0.51	QTRX	Quanterix Corp	Pair Corr
0.5	RVTY	Revvity	Pair Corr
0.49	PACB	Pacific Biosciences	Pair Corr
0.49	AZTA	Azenta Inc	Pair Corr
0.48	MRVI	Maravai Lifesciences	Pair Corr
0.48	RGEN	Repligen	Pair Corr
0.4	PIQ	Proteomics International	Pair Corr
0.33	AFJK	Aimei Health Technology	Pair Corr

Related Correlations Analysis

	IQV	MTD	ALC	RMD	HLN	CAH	BDX	WAT	INSM	EW
IQV		0.91	0.69	-0.68	0.81	0.76	0.47	0.93	0.81	0.75	IQV
MTD	0.91		0.52	-0.7	0.76	0.78	0.2	0.9	0.81	0.75	MTD
ALC	0.69	0.52		-0.43	0.71	0.61	0.8	0.71	0.53	0.64	ALC
RMD	-0.68	-0.7	-0.43		-0.76	-0.87	-0.1	-0.77	-0.74	-0.87	RMD
HLN	0.81	0.76	0.71	-0.76		0.84	0.5	0.85	0.73	0.78	HLN
CAH	0.76	0.78	0.61	-0.87	0.84		0.33	0.9	0.89	0.95	CAH
BDX	0.47	0.2	0.8	-0.1	0.5	0.33		0.45	0.31	0.32	BDX
WAT	0.93	0.9	0.71	-0.77	0.85	0.9	0.45		0.91	0.84	WAT
INSM	0.81	0.81	0.53	-0.74	0.73	0.89	0.31	0.91		0.82	INSM
EW	0.75	0.75	0.64	-0.87	0.78	0.95	0.32	0.84	0.82		EW
	IQV	MTD	ALC	RMD	HLN	CAH	BDX	WAT	INSM	EW

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

EW	+ 0.95	CAH
WAT	+ 0.93	IQV
MTD	+ 0.91	IQV
INSM	+ 0.91	WAT
WAT	+ 0.9	MTD
WAT	+ 0.9	CAH

High negative correlations

EW	- 0.87	RMD
CAH	- 0.87	RMD
WAT	- 0.77	RMD
HLN	- 0.76	RMD
INSM	- 0.74	RMD
RMD	- 0.7	MTD

Risk-Adjusted Indicators

There is a big difference between Codexis Stock performing well and Codexis Company doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Codexis' multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
IQV	1.27	0.21	0.17	0.25	1.11	(1.53)	3.59	(2.38)	9.76
MTD	1.32	0.12	0.09	0.20	1.16	(1.59)	3.78	(2.46)	7.75
ALC	1.05	0.02	0.02	0.09	1.19	(1.15)	2.69	(2.30)	6.78
RMD	0.98	(0.23)	0.00	(0.25)	0.00	0.00	2.02	(2.51)	5.71
HLN	0.98	0.16	0.10	0.51	1.05	(1.07)	2.81	(1.69)	6.17
CAH	1.07	0.46	0.30	37.16	0.81	(1.27)	2.69	(2.01)	18.07
BDX	1.04	0.01	0.01	0.08	1.06	(1.17)	2.22	(1.77)	6.92
WAT	1.37	0.33	0.26	0.45	0.89	(1.76)	3.59	(2.08)	9.50
INSM	2.01	0.32	0.08	0.74	3.48	(2.10)	3.75	(3.01)	32.41
EW	1.04	0.17	0.13	0.33	0.97	(1.15)	2.36	(1.81)	8.45

Codexis Corporate Management

Sriram MBA	Chief Officer	Profile
Georgia Erbez	Chief Officer	Profile
MBA Taylor	VP CFO	Profile
Asli Aras	VP Devel	Profile
Britton Jiminez	Senior Marketing	Profile
Britton Jimenez	Senior Marketing	Profile
Margaret JD	General Officer	Profile

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