Correlation Between IENOVA and Codexis
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By analyzing existing cross correlation between IENOVA 475 15 JAN 51 and Codexis, you can compare the effects of market volatilities on IENOVA and Codexis 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 IENOVA with a short position of Codexis. Check out your portfolio center. Please also check ongoing floating volatility patterns of IENOVA and Codexis.
Diversification Opportunities for IENOVA and Codexis
Significant diversification
The 3 months correlation between IENOVA and Codexis is 0.08. Overlapping area represents the amount of risk that can be diversified away by holding IENOVA 475 15 JAN 51 and Codexis in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Codexis and IENOVA 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 IENOVA 475 15 JAN 51 are associated (or correlated) with Codexis. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Codexis has no effect on the direction of IENOVA i.e., IENOVA and Codexis go up and down completely randomly.
Pair Corralation between IENOVA and Codexis
Assuming the 90 days trading horizon IENOVA is expected to generate 3.53 times less return on investment than Codexis. But when comparing it to its historical volatility, IENOVA 475 15 JAN 51 is 2.28 times less risky than Codexis. It trades about 0.04 of its potential returns per unit of risk. Codexis is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest 256.00 in Codexis on August 31, 2024 and sell it today you would earn a total of 202.00 from holding Codexis or generate 78.91% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 14.71% |
| Values | Daily Returns |
IENOVA 475 15 JAN 51 vs. Codexis
Performance |
| Timeline |
| IENOVA 475 15 |
| Codexis |
IENOVA and Codexis Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with IENOVA and Codexis
The main advantage of trading using opposite IENOVA and Codexis positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IENOVA position performs unexpectedly, Codexis 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 Codexis will offset losses from the drop in Codexis' long position.| IENOVA vs. Codexis | IENOVA vs. CF Industries Holdings | IENOVA vs. Origin Materials | IENOVA vs. Eastman Chemical |
| Codexis vs. Nuvation Bio | Codexis vs. Lyell Immunopharma | Codexis vs. Century Therapeutics | Codexis vs. Generation Bio Co |
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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
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