Correlation Between Codexis and Amyris
Can any of the company-specific risk be diversified away by investing in both Codexis and Amyris at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Codexis and Amyris into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Codexis and Amyris Inc, you can compare the effects of market volatilities on Codexis and Amyris 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 Codexis with a short position of Amyris. Check out your portfolio center. Please also check ongoing floating volatility patterns of Codexis and Amyris.
Diversification Opportunities for Codexis and Amyris
Very weak diversification
The 3 months correlation between Codexis and Amyris is 0.57. Overlapping area represents the amount of risk that can be diversified away by holding Codexis and Amyris Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Amyris Inc and Codexis 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 Codexis are associated (or correlated) with Amyris. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Amyris Inc has no effect on the direction of Codexis i.e., Codexis and Amyris go up and down completely randomly.
Pair Corralation between Codexis and Amyris
If you would invest 101.00 in Amyris Inc on November 1, 2024 and sell it today you would earn a total of 0.00 from holding Amyris Inc or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 5.26% |
| Values | Daily Returns |
Codexis vs. Amyris Inc
Performance |
| Timeline |
| Codexis |
| Amyris Inc |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Codexis and Amyris Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Codexis and Amyris
The main advantage of trading using opposite Codexis and Amyris positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Codexis position performs unexpectedly, Amyris 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 Amyris will offset losses from the drop in Amyris' long position.| Codexis vs. Agilent Technologies | Codexis vs. Equillium | Codexis vs. 23Andme Holding Co | Codexis vs. DiaMedica Therapeutics |
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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
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