Correlation Between Ginkgo Bioworks and ALIBABA
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By analyzing existing cross correlation between Ginkgo Bioworks Holdings and ALIBABA GROUP HLDG, you can compare the effects of market volatilities on Ginkgo Bioworks and ALIBABA 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 ALIBABA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ginkgo Bioworks and ALIBABA.
Diversification Opportunities for Ginkgo Bioworks and ALIBABA
-0.31 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Ginkgo and ALIBABA is -0.31. Overlapping area represents the amount of risk that can be diversified away by holding Ginkgo Bioworks Holdings and ALIBABA GROUP HLDG in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ALIBABA GROUP HLDG 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 ALIBABA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ALIBABA GROUP HLDG has no effect on the direction of Ginkgo Bioworks i.e., Ginkgo Bioworks and ALIBABA go up and down completely randomly.
Pair Corralation between Ginkgo Bioworks and ALIBABA
Considering the 90-day investment horizon Ginkgo Bioworks Holdings is expected to generate 4.21 times more return on investment than ALIBABA. However, Ginkgo Bioworks is 4.21 times more volatile than ALIBABA GROUP HLDG. It trades about 0.21 of its potential returns per unit of risk. ALIBABA GROUP HLDG is currently generating about -0.17 per unit of risk. If you would invest 982.00 in Ginkgo Bioworks Holdings on November 1, 2024 and sell it today you would earn a total of 267.00 from holding Ginkgo Bioworks Holdings or generate 27.19% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 90.0% |
| Values | Daily Returns |
Ginkgo Bioworks Holdings vs. ALIBABA GROUP HLDG
Performance |
| Timeline |
| Ginkgo Bioworks Holdings |
| ALIBABA GROUP HLDG |
Ginkgo Bioworks and ALIBABA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ginkgo Bioworks and ALIBABA
The main advantage of trading using opposite Ginkgo Bioworks and ALIBABA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ginkgo Bioworks position performs unexpectedly, ALIBABA 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 ALIBABA will offset losses from the drop in ALIBABA's long position.| Ginkgo Bioworks vs. Surrozen | Ginkgo Bioworks vs. Armata Pharmaceuticals | Ginkgo Bioworks vs. Pasithea Therapeutics Corp | Ginkgo Bioworks vs. Aditxt Inc |
| ALIBABA vs. AEP TEX INC | ALIBABA vs. US BANK NATIONAL | ALIBABA vs. Urban Outfitters | ALIBABA vs. SP Global |
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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
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