Correlation Between Ginkgo Bioworks and Exagen
Can any of the company-specific risk be diversified away by investing in both Ginkgo Bioworks and Exagen 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 Exagen 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 Exagen Inc, you can compare the effects of market volatilities on Ginkgo Bioworks and Exagen 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 Exagen. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ginkgo Bioworks and Exagen.
Diversification Opportunities for Ginkgo Bioworks and Exagen
-0.82 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Ginkgo and Exagen is -0.82. Overlapping area represents the amount of risk that can be diversified away by holding Ginkgo Bioworks Holdings and Exagen Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Exagen Inc 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 Exagen. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Exagen Inc has no effect on the direction of Ginkgo Bioworks i.e., Ginkgo Bioworks and Exagen go up and down completely randomly.
Pair Corralation between Ginkgo Bioworks and Exagen
Considering the 90-day investment horizon Ginkgo Bioworks Holdings is expected to under-perform the Exagen. In addition to that, Ginkgo Bioworks is 1.34 times more volatile than Exagen Inc. It trades about -0.06 of its total potential returns per unit of risk. Exagen Inc is currently generating about 0.02 per unit of volatility. If you would invest 277.00 in Exagen Inc on June 21, 2024 and sell it today you would earn a total of 8.00 from holding Exagen Inc or generate 2.89% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Significant |
Accuracy | 100.0% |
Values | Daily Returns |
Ginkgo Bioworks Holdings vs. Exagen Inc
Performance |
Timeline |
Ginkgo Bioworks Holdings |
Exagen Inc |
Ginkgo Bioworks and Exagen Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Ginkgo Bioworks and Exagen
The main advantage of trading using opposite Ginkgo Bioworks and Exagen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ginkgo Bioworks position performs unexpectedly, Exagen 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 Exagen will offset losses from the drop in Exagen's long position.Ginkgo Bioworks vs. Ocean Biomedical | Ginkgo Bioworks vs. Enveric Biosciences | Ginkgo Bioworks vs. Hepion Pharmaceuticals | Ginkgo Bioworks vs. Elevation Oncology |
Exagen vs. Fonar | Exagen vs. Burning Rock Biotech | Exagen vs. Sera Prognostics | Exagen vs. Castle Biosciences |
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 Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.
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