Correlation Between Ginkgo Bioworks and Harbor Health
Can any of the company-specific risk be diversified away by investing in both Ginkgo Bioworks and Harbor Health 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 Harbor Health 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 Harbor Health Care, you can compare the effects of market volatilities on Ginkgo Bioworks and Harbor Health 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 Harbor Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ginkgo Bioworks and Harbor Health.
Diversification Opportunities for Ginkgo Bioworks and Harbor Health
0.05 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Ginkgo and Harbor is 0.05. Overlapping area represents the amount of risk that can be diversified away by holding Ginkgo Bioworks Holdings and Harbor Health Care in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Harbor Health Care 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 Harbor Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Harbor Health Care has no effect on the direction of Ginkgo Bioworks i.e., Ginkgo Bioworks and Harbor Health go up and down completely randomly.
Pair Corralation between Ginkgo Bioworks and Harbor Health
Considering the 90-day investment horizon Ginkgo Bioworks Holdings is expected to generate 6.55 times more return on investment than Harbor Health. However, Ginkgo Bioworks is 6.55 times more volatile than Harbor Health Care. It trades about 0.17 of its potential returns per unit of risk. Harbor Health Care is currently generating about 0.01 per unit of risk. If you would invest 775.00 in Ginkgo Bioworks Holdings on November 1, 2024 and sell it today you would earn a total of 616.00 from holding Ginkgo Bioworks Holdings or generate 79.48% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ginkgo Bioworks Holdings vs. Harbor Health Care
Performance |
| Timeline |
| Ginkgo Bioworks Holdings |
| Harbor Health Care |
Ginkgo Bioworks and Harbor Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ginkgo Bioworks and Harbor Health
The main advantage of trading using opposite Ginkgo Bioworks and Harbor Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ginkgo Bioworks position performs unexpectedly, Harbor Health 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 Harbor Health will offset losses from the drop in Harbor Health's long position.| Ginkgo Bioworks vs. Surrozen | Ginkgo Bioworks vs. Armata Pharmaceuticals | Ginkgo Bioworks vs. Pasithea Therapeutics Corp | Ginkgo Bioworks vs. Aditxt Inc |
| Harbor Health vs. Horizon Kinetics Medical | Harbor Health vs. Ginkgo Bioworks Holdings | Harbor Health vs. Myriad Genetics |
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 Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
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