Correlation Between Codexis and Transgene
Can any of the company-specific risk be diversified away by investing in both Codexis and Transgene 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 Transgene into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Codexis and Transgene SA, you can compare the effects of market volatilities on Codexis and Transgene 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 Transgene. Check out your portfolio center. Please also check ongoing floating volatility patterns of Codexis and Transgene.
Diversification Opportunities for Codexis and Transgene
Pay attention - limited upside
The 3 months correlation between Codexis and Transgene is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Codexis and Transgene SA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Transgene SA 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 Transgene. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Transgene SA has no effect on the direction of Codexis i.e., Codexis and Transgene go up and down completely randomly.
Pair Corralation between Codexis and Transgene
If you would invest 159.00 in Transgene SA on November 3, 2024 and sell it today you would earn a total of 0.00 from holding Transgene SA or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Codexis vs. Transgene SA
Performance |
| Timeline |
| Codexis |
| Transgene SA |
Codexis and Transgene Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Codexis and Transgene
The main advantage of trading using opposite Codexis and Transgene positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Codexis position performs unexpectedly, Transgene 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 Transgene will offset losses from the drop in Transgene's long position.| Codexis vs. Nuvation Bio | Codexis vs. Lyell Immunopharma | Codexis vs. Century Therapeutics | Codexis vs. Generation Bio Co |
| Transgene vs. The Hanover Insurance | Transgene vs. Commonwealth Bank of | Transgene vs. Nasdaq Inc | Transgene vs. Artisan Partners Asset |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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