Correlation Between Codexis and AMERICAN
Specify exactly 2 symbols:
By analyzing existing cross correlation between Codexis and AMERICAN INTERNATIONAL GROUP, you can compare the effects of market volatilities on Codexis and AMERICAN 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 AMERICAN. Check out your portfolio center. Please also check ongoing floating volatility patterns of Codexis and AMERICAN.
Diversification Opportunities for Codexis and AMERICAN
Pay attention - limited upside
The 3 months correlation between Codexis and AMERICAN is -0.72. Overlapping area represents the amount of risk that can be diversified away by holding Codexis and AMERICAN INTERNATIONAL GROUP in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AMERICAN INTERNATIONAL 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 AMERICAN. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AMERICAN INTERNATIONAL has no effect on the direction of Codexis i.e., Codexis and AMERICAN go up and down completely randomly.
Pair Corralation between Codexis and AMERICAN
Given the investment horizon of 90 days Codexis is expected to generate 2.39 times more return on investment than AMERICAN. However, Codexis is 2.39 times more volatile than AMERICAN INTERNATIONAL GROUP. It trades about 0.37 of its potential returns per unit of risk. AMERICAN INTERNATIONAL GROUP is currently generating about -0.21 per unit of risk. If you would invest 349.00 in Codexis on September 3, 2024 and sell it today you would earn a total of 109.00 from holding Codexis or generate 31.23% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 85.0% |
| Values | Daily Returns |
Codexis vs. AMERICAN INTERNATIONAL GROUP
Performance |
| Timeline |
| Codexis |
| AMERICAN INTERNATIONAL |
Codexis and AMERICAN Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Codexis and AMERICAN
The main advantage of trading using opposite Codexis and AMERICAN positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Codexis position performs unexpectedly, AMERICAN 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 AMERICAN will offset losses from the drop in AMERICAN's long position.| Codexis vs. Nuvation Bio | Codexis vs. Lyell Immunopharma | Codexis vs. Century Therapeutics | Codexis vs. Generation Bio Co |
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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
Other Complementary Tools
| Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk | |
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios | |
| Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities | |
| Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets | |
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. |