Correlation Between Codexis and GobiMin
Can any of the company-specific risk be diversified away by investing in both Codexis and GobiMin 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 GobiMin into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Codexis and GobiMin, you can compare the effects of market volatilities on Codexis and GobiMin 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 GobiMin. Check out your portfolio center. Please also check ongoing floating volatility patterns of Codexis and GobiMin.
Diversification Opportunities for Codexis and GobiMin
Pay attention - limited upside
The 3 months correlation between Codexis and GobiMin is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Codexis and GobiMin in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GobiMin 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 GobiMin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GobiMin has no effect on the direction of Codexis i.e., Codexis and GobiMin go up and down completely randomly.
Pair Corralation between Codexis and GobiMin
If you would invest 127.00 in GobiMin on November 3, 2024 and sell it today you would earn a total of 0.00 from holding GobiMin or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 4.76% |
| Values | Daily Returns |
Codexis vs. GobiMin
Performance |
| Timeline |
| Codexis |
| GobiMin |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Codexis and GobiMin Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Codexis and GobiMin
The main advantage of trading using opposite Codexis and GobiMin positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Codexis position performs unexpectedly, GobiMin 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 GobiMin will offset losses from the drop in GobiMin's long position.| Codexis vs. Nuvation Bio | Codexis vs. Lyell Immunopharma | Codexis vs. Century Therapeutics | Codexis vs. Generation Bio Co |
| GobiMin vs. Dine Brands Global | GobiMin vs. Vishay Precision Group | GobiMin vs. Sonos Inc | GobiMin vs. RCI Hospitality Holdings |
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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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