Correlation Between Ginkgo Bioworks and Altamira Therapeutics

Can any of the company-specific risk be diversified away by investing in both Ginkgo Bioworks and Altamira Therapeutics 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 Altamira Therapeutics 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 Altamira Therapeutics, you can compare the effects of market volatilities on Ginkgo Bioworks and Altamira Therapeutics 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 Altamira Therapeutics. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ginkgo Bioworks and Altamira Therapeutics.

Diversification Opportunities for Ginkgo Bioworks and Altamira Therapeutics

0.0

Correlation Coefficient

Ginkgo Bioworks  Altamira Therapeutics

Pay attention - limited upside

The 3 months correlation between Ginkgo and Altamira is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Ginkgo Bioworks Holdings and Altamira Therapeutics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Altamira Therapeutics 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 Altamira Therapeutics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Altamira Therapeutics has no effect on the direction of Ginkgo Bioworks i.e., Ginkgo Bioworks and Altamira Therapeutics go up and down completely randomly.

Pair Corralation between Ginkgo Bioworks and Altamira Therapeutics

If you would invest  961.00  in Ginkgo Bioworks Holdings on December 2, 2024 and sell it today you would lose (137.00) from holding Ginkgo Bioworks Holdings or give up 14.26% of portfolio value over 90 days.

Time Period	3 Months [change]
Direction	Flat
Strength	Insignificant
Accuracy	0.0%
Values	Daily Returns

Ginkgo Bioworks Holdings  vs.  Altamira Therapeutics

Ginkgo Bioworks Holdings

Risk-Adjusted Performance

Very Weak

Over the last 90 days Ginkgo Bioworks Holdings has generated negative risk-adjusted returns adding no value to investors with long positions. Despite somewhat strong basic indicators, Ginkgo Bioworks is not utilizing all of its potentials. The current stock price disturbance, may contribute to short-term losses for the investors.

Altamira Therapeutics

Risk-Adjusted Performance

Very Weak

Over the last 90 days Altamira Therapeutics has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of very healthy basic indicators, Altamira Therapeutics is not utilizing all of its potentials. The newest stock price disarray, may contribute to short-term losses for the investors.

Pair Trading with Ginkgo Bioworks and Altamira Therapeutics

The main advantage of trading using opposite Ginkgo Bioworks and Altamira Therapeutics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ginkgo Bioworks position performs unexpectedly, Altamira Therapeutics 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 Altamira Therapeutics will offset losses from the drop in Altamira Therapeutics' long position.

The idea behind Ginkgo Bioworks Holdings and Altamira Therapeutics pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.

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 Portfolio Dashboard module to portfolio dashboard that provides centralized access to all your investments.