Correlation Between Kiora Pharmaceuticals and Ginkgo Bioworks
Can any of the company-specific risk be diversified away by investing in both Kiora Pharmaceuticals and Ginkgo Bioworks 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 Kiora Pharmaceuticals and Ginkgo Bioworks into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Kiora Pharmaceuticals and Ginkgo Bioworks Holdings, you can compare the effects of market volatilities on Kiora Pharmaceuticals and Ginkgo Bioworks 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 Kiora Pharmaceuticals with a short position of Ginkgo Bioworks. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kiora Pharmaceuticals and Ginkgo Bioworks.
Diversification Opportunities for Kiora Pharmaceuticals and Ginkgo Bioworks
0.22 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Kiora and Ginkgo is 0.22. Overlapping area represents the amount of risk that can be diversified away by holding Kiora Pharmaceuticals and Ginkgo Bioworks Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ginkgo Bioworks Holdings and Kiora Pharmaceuticals 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 Kiora Pharmaceuticals are associated (or correlated) with Ginkgo Bioworks. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ginkgo Bioworks Holdings has no effect on the direction of Kiora Pharmaceuticals i.e., Kiora Pharmaceuticals and Ginkgo Bioworks go up and down completely randomly.
Pair Corralation between Kiora Pharmaceuticals and Ginkgo Bioworks
Given the investment horizon of 90 days Kiora Pharmaceuticals is expected to generate 1.18 times more return on investment than Ginkgo Bioworks. However, Kiora Pharmaceuticals is 1.18 times more volatile than Ginkgo Bioworks Holdings. It trades about -0.03 of its potential returns per unit of risk. Ginkgo Bioworks Holdings is currently generating about -0.06 per unit of risk. If you would invest 3,402 in Kiora Pharmaceuticals on August 23, 2024 and sell it today you would lose (3,060) from holding Kiora Pharmaceuticals or give up 89.95% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Kiora Pharmaceuticals vs. Ginkgo Bioworks Holdings
Performance |
| Timeline |
| Kiora Pharmaceuticals |
| Ginkgo Bioworks Holdings |
Kiora Pharmaceuticals and Ginkgo Bioworks Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kiora Pharmaceuticals and Ginkgo Bioworks
The main advantage of trading using opposite Kiora Pharmaceuticals and Ginkgo Bioworks positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kiora Pharmaceuticals position performs unexpectedly, Ginkgo Bioworks 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 Ginkgo Bioworks will offset losses from the drop in Ginkgo Bioworks' long position.| Kiora Pharmaceuticals vs. ZyVersa Therapeutics | Kiora Pharmaceuticals vs. Sonnet Biotherapeutics Holdings | Kiora Pharmaceuticals vs. Zura Bio Limited | Kiora Pharmaceuticals vs. Phio Pharmaceuticals Corp |
| Ginkgo Bioworks vs. Kiora Pharmaceuticals | Ginkgo Bioworks vs. ZyVersa Therapeutics | Ginkgo Bioworks vs. Sonnet Biotherapeutics Holdings | Ginkgo Bioworks 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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
Other Complementary Tools
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device | |
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. | |
| Fundamental Analysis View fundamental data based on most recent published financial statements | |
| Portfolio Suggestion Get suggestions outside of your existing asset allocation including your own model portfolios | |
| Equity Valuation Check real value of public entities based on technical and fundamental data |