Correlation Between Codexis and TRAVELERS
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By analyzing existing cross correlation between Codexis and TRAVELERS INS GROUP, you can compare the effects of market volatilities on Codexis and TRAVELERS 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 TRAVELERS. Check out your portfolio center. Please also check ongoing floating volatility patterns of Codexis and TRAVELERS.
Diversification Opportunities for Codexis and TRAVELERS
Excellent diversification
The 3 months correlation between Codexis and TRAVELERS is -0.53. Overlapping area represents the amount of risk that can be diversified away by holding Codexis and TRAVELERS INS GROUP in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on TRAVELERS INS GROUP 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 TRAVELERS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of TRAVELERS INS GROUP has no effect on the direction of Codexis i.e., Codexis and TRAVELERS go up and down completely randomly.
Pair Corralation between Codexis and TRAVELERS
Given the investment horizon of 90 days Codexis is expected to under-perform the TRAVELERS. In addition to that, Codexis is 6.33 times more volatile than TRAVELERS INS GROUP. It trades about -0.17 of its total potential returns per unit of risk. TRAVELERS INS GROUP is currently generating about 0.11 per unit of volatility. If you would invest 10,398 in TRAVELERS INS GROUP on November 3, 2024 and sell it today you would earn a total of 153.00 from holding TRAVELERS INS GROUP or generate 1.47% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Codexis vs. TRAVELERS INS GROUP
Performance |
| Timeline |
| Codexis |
| TRAVELERS INS GROUP |
Codexis and TRAVELERS Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Codexis and TRAVELERS
The main advantage of trading using opposite Codexis and TRAVELERS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Codexis position performs unexpectedly, TRAVELERS 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 TRAVELERS will offset losses from the drop in TRAVELERS's long position.| Codexis vs. Nuvation Bio | Codexis vs. Lyell Immunopharma | Codexis vs. Century Therapeutics | Codexis vs. Generation Bio Co |
| TRAVELERS vs. Merit Medical Systems | TRAVELERS vs. Alvotech | TRAVELERS vs. Viemed Healthcare | TRAVELERS vs. Xtant Medical 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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
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