Correlation Between Ginkgo Bioworks and CohBar
Can any of the company-specific risk be diversified away by investing in both Ginkgo Bioworks and CohBar 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 CohBar 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 CohBar Inc, you can compare the effects of market volatilities on Ginkgo Bioworks and CohBar 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 CohBar. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ginkgo Bioworks and CohBar.
Diversification Opportunities for Ginkgo Bioworks and CohBar
0.27 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Ginkgo and CohBar is 0.27. Overlapping area represents the amount of risk that can be diversified away by holding Ginkgo Bioworks Holdings and CohBar Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CohBar Inc 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 CohBar. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CohBar Inc has no effect on the direction of Ginkgo Bioworks i.e., Ginkgo Bioworks and CohBar go up and down completely randomly.
Pair Corralation between Ginkgo Bioworks and CohBar
If you would invest 946.00 in Ginkgo Bioworks Holdings on October 23, 2024 and sell it today you would earn a total of 212.00 from holding Ginkgo Bioworks Holdings or generate 22.41% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 5.26% |
| Values | Daily Returns |
Ginkgo Bioworks Holdings vs. CohBar Inc
Performance |
| Timeline |
| Ginkgo Bioworks Holdings |
| CohBar Inc |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Ginkgo Bioworks and CohBar Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ginkgo Bioworks and CohBar
The main advantage of trading using opposite Ginkgo Bioworks and CohBar positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ginkgo Bioworks position performs unexpectedly, CohBar 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 CohBar will offset losses from the drop in CohBar's long position.| Ginkgo Bioworks vs. Ocean Biomedical | Ginkgo Bioworks vs. Enveric Biosciences | Ginkgo Bioworks vs. Hepion Pharmaceuticals | Ginkgo Bioworks vs. Elevation Oncology |
| CohBar vs. Enveric Biosciences | CohBar vs. Elevation Oncology | CohBar vs. Hepion Pharmaceuticals | CohBar vs. Zura Bio Limited |
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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
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