Correlation Between Codexis and A SPAC
Can any of the company-specific risk be diversified away by investing in both Codexis and A SPAC 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 A SPAC into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Codexis and A SPAC II, you can compare the effects of market volatilities on Codexis and A SPAC 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 A SPAC. Check out your portfolio center. Please also check ongoing floating volatility patterns of Codexis and A SPAC.
Diversification Opportunities for Codexis and A SPAC
Good diversification
The 3 months correlation between Codexis and ASUUF is -0.14. Overlapping area represents the amount of risk that can be diversified away by holding Codexis and A SPAC II in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on A SPAC II 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 A SPAC. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of A SPAC II has no effect on the direction of Codexis i.e., Codexis and A SPAC go up and down completely randomly.
Pair Corralation between Codexis and A SPAC
Given the investment horizon of 90 days Codexis is expected to generate 9.01 times more return on investment than A SPAC. However, Codexis is 9.01 times more volatile than A SPAC II. It trades about 0.02 of its potential returns per unit of risk. A SPAC II is currently generating about -0.16 per unit of risk. If you would invest 552.00 in Codexis on September 3, 2024 and sell it today you would lose (94.00) from holding Codexis or give up 17.03% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 10.51% |
| Values | Daily Returns |
Codexis vs. A SPAC II
Performance |
| Timeline |
| Codexis |
| A SPAC II |
Codexis and A SPAC Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Codexis and A SPAC
The main advantage of trading using opposite Codexis and A SPAC positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Codexis position performs unexpectedly, A SPAC 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 A SPAC will offset losses from the drop in A SPAC's long position.| Codexis vs. Nuvation Bio | Codexis vs. Lyell Immunopharma | Codexis vs. Century Therapeutics | Codexis vs. Generation Bio Co |
| A SPAC vs. CF Industries Holdings | A SPAC vs. Eastman Chemical | A SPAC vs. Codexis | A SPAC vs. Axalta Coating Systems |
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 Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.
Other Complementary Tools
| 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 | |
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals | |
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital |