Correlation Between Codexis and KIMBERLY
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By analyzing existing cross correlation between Codexis and KIMBERLY CLARK P, you can compare the effects of market volatilities on Codexis and KIMBERLY 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 KIMBERLY. Check out your portfolio center. Please also check ongoing floating volatility patterns of Codexis and KIMBERLY.
Diversification Opportunities for Codexis and KIMBERLY
Very good diversification
The 3 months correlation between Codexis and KIMBERLY is -0.37. Overlapping area represents the amount of risk that can be diversified away by holding Codexis and KIMBERLY CLARK P in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on KIMBERLY CLARK P 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 KIMBERLY. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of KIMBERLY CLARK P has no effect on the direction of Codexis i.e., Codexis and KIMBERLY go up and down completely randomly.
Pair Corralation between Codexis and KIMBERLY
Given the investment horizon of 90 days Codexis is expected to generate 5.83 times more return on investment than KIMBERLY. However, Codexis is 5.83 times more volatile than KIMBERLY CLARK P. It trades about 0.03 of its potential returns per unit of risk. KIMBERLY CLARK P is currently generating about 0.01 per unit of risk. If you would invest 467.00 in Codexis on September 12, 2024 and sell it today you would earn a total of 100.00 from holding Codexis or generate 21.41% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 82.63% |
| Values | Daily Returns |
Codexis vs. KIMBERLY CLARK P
Performance |
| Timeline |
| Codexis |
| KIMBERLY CLARK P |
Codexis and KIMBERLY Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Codexis and KIMBERLY
The main advantage of trading using opposite Codexis and KIMBERLY positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Codexis position performs unexpectedly, KIMBERLY 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 KIMBERLY will offset losses from the drop in KIMBERLY's long position.| Codexis vs. Nuvation Bio | Codexis vs. Lyell Immunopharma | Codexis vs. Century Therapeutics | Codexis vs. Generation Bio Co |
| KIMBERLY vs. Codexis | KIMBERLY vs. Luxfer Holdings PLC | KIMBERLY vs. Hudson Technologies | KIMBERLY vs. Flexible Solutions International |
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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
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