Correlation Between Codexis and APPLE
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By analyzing existing cross correlation between Codexis and APPLE INC 245, you can compare the effects of market volatilities on Codexis and APPLE 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 APPLE. Check out your portfolio center. Please also check ongoing floating volatility patterns of Codexis and APPLE.
Diversification Opportunities for Codexis and APPLE
Excellent diversification
The 3 months correlation between Codexis and APPLE is -0.69. Overlapping area represents the amount of risk that can be diversified away by holding Codexis and APPLE INC 245 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on APPLE INC 245 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 APPLE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of APPLE INC 245 has no effect on the direction of Codexis i.e., Codexis and APPLE go up and down completely randomly.
Pair Corralation between Codexis and APPLE
Given the investment horizon of 90 days Codexis is expected to generate 14.41 times more return on investment than APPLE. However, Codexis is 14.41 times more volatile than APPLE INC 245. It trades about 0.09 of its potential returns per unit of risk. APPLE INC 245 is currently generating about 0.01 per unit of risk. If you would invest 326.00 in Codexis on September 5, 2024 and sell it today you would earn a total of 151.00 from holding Codexis or generate 46.32% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 98.4% |
| Values | Daily Returns |
Codexis vs. APPLE INC 245
Performance |
| Timeline |
| Codexis |
| APPLE INC 245 |
Codexis and APPLE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Codexis and APPLE
The main advantage of trading using opposite Codexis and APPLE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Codexis position performs unexpectedly, APPLE 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 APPLE will offset losses from the drop in APPLE's long position.| Codexis vs. Nuvation Bio | Codexis vs. Lyell Immunopharma | Codexis vs. Century Therapeutics | Codexis vs. Generation Bio Co |
| APPLE vs. Codexis | APPLE vs. Natural Alternatives International | APPLE vs. FitLife Brands, Common | APPLE vs. Beyond Meat |
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 Watchlist Optimization module to optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm.
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