Correlation Between Ginkgo Bioworks and BC Craft
Can any of the company-specific risk be diversified away by investing in both Ginkgo Bioworks and BC Craft 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 Ginkgo Bioworks and BC Craft into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Ginkgo Bioworks Holdings and BC Craft Supply, you can compare the effects of market volatilities on Ginkgo Bioworks and BC Craft 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 Ginkgo Bioworks with a short position of BC Craft. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ginkgo Bioworks and BC Craft.
Diversification Opportunities for Ginkgo Bioworks and BC Craft
-0.76 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Ginkgo and CRFTF is -0.76. Overlapping area represents the amount of risk that can be diversified away by holding Ginkgo Bioworks Holdings and BC Craft Supply in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BC Craft Supply and Ginkgo Bioworks 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 Ginkgo Bioworks Holdings are associated (or correlated) with BC Craft. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BC Craft Supply has no effect on the direction of Ginkgo Bioworks i.e., Ginkgo Bioworks and BC Craft go up and down completely randomly.
Pair Corralation between Ginkgo Bioworks and BC Craft
If you would invest 1,165 in Ginkgo Bioworks Holdings on November 5, 2024 and sell it today you would earn a total of 171.00 from holding Ginkgo Bioworks Holdings or generate 14.68% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 90.48% |
| Values | Daily Returns |
Ginkgo Bioworks Holdings vs. BC Craft Supply
Performance |
| Timeline |
| Ginkgo Bioworks Holdings |
| BC Craft Supply |
Ginkgo Bioworks and BC Craft Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ginkgo Bioworks and BC Craft
The main advantage of trading using opposite Ginkgo Bioworks and BC Craft positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ginkgo Bioworks position performs unexpectedly, BC Craft 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 BC Craft will offset losses from the drop in BC Craft's long position.| Ginkgo Bioworks vs. CytomX Therapeutics | Ginkgo Bioworks vs. Instil Bio | Ginkgo Bioworks vs. Spero Therapeutics | Ginkgo Bioworks vs. Assembly Biosciences |
| BC Craft vs. Benchmark Botanics | BC Craft vs. Speakeasy Cannabis Club | BC Craft vs. City View Green | BC Craft vs. Ravenquest Biomed |
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 Bollinger Bands module to use Bollinger Bands indicator to analyze target price for a given investing horizon.
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