Correlation Between KIMBERLY and Codexis
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By analyzing existing cross correlation between KIMBERLY CLARK P and Codexis, you can compare the effects of market volatilities on KIMBERLY 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 KIMBERLY with a short position of Codexis. Check out your portfolio center. Please also check ongoing floating volatility patterns of KIMBERLY and Codexis.
Diversification Opportunities for KIMBERLY and Codexis
Very good diversification
The 3 months correlation between KIMBERLY and Codexis is -0.37. Overlapping area represents the amount of risk that can be diversified away by holding KIMBERLY CLARK P and Codexis in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Codexis and KIMBERLY 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 KIMBERLY CLARK P 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 KIMBERLY i.e., KIMBERLY and Codexis go up and down completely randomly.
Pair Corralation between KIMBERLY and Codexis
Assuming the 90 days trading horizon KIMBERLY is expected to generate 24.11 times less return on investment than Codexis. But when comparing it to its historical volatility, KIMBERLY CLARK P is 6.84 times less risky than Codexis. It trades about 0.03 of its potential returns per unit of risk. Codexis is currently generating about 0.09 of returns per unit of risk over similar time horizon. If you would invest 173.00 in Codexis on September 12, 2024 and sell it today you would earn a total of 394.00 from holding Codexis or generate 227.75% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 84.59% |
| Values | Daily Returns |
KIMBERLY CLARK P vs. Codexis
Performance |
| Timeline |
| KIMBERLY CLARK P |
| Codexis |
KIMBERLY and Codexis Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with KIMBERLY and Codexis
The main advantage of trading using opposite KIMBERLY and Codexis positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if KIMBERLY 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.| KIMBERLY vs. Codexis | KIMBERLY vs. Luxfer Holdings PLC | KIMBERLY vs. Hudson Technologies | KIMBERLY vs. Flexible Solutions International |
| 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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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