Correlation Between Codexis and OmniAb
Can any of the company-specific risk be diversified away by investing in both Codexis and OmniAb 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 Codexis and OmniAb into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Codexis and OmniAb Inc, you can compare the effects of market volatilities on Codexis and OmniAb 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 Codexis with a short position of OmniAb. Check out your portfolio center. Please also check ongoing floating volatility patterns of Codexis and OmniAb.
Diversification Opportunities for Codexis and OmniAb
Almost no diversification
The 3 months correlation between Codexis and OmniAb is 0.9. Overlapping area represents the amount of risk that can be diversified away by holding Codexis and OmniAb Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on OmniAb Inc and Codexis 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 Codexis are associated (or correlated) with OmniAb. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of OmniAb Inc has no effect on the direction of Codexis i.e., Codexis and OmniAb go up and down completely randomly.
Pair Corralation between Codexis and OmniAb
Given the investment horizon of 90 days Codexis is expected to generate 0.87 times more return on investment than OmniAb. However, Codexis is 1.15 times less risky than OmniAb. It trades about -0.06 of its potential returns per unit of risk. OmniAb Inc is currently generating about -0.08 per unit of risk. If you would invest 324.00 in Codexis on July 24, 2025 and sell it today you would lose (48.00) from holding Codexis or give up 14.81% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Codexis vs. OmniAb Inc
Performance |
| Timeline |
| Codexis |
| OmniAb Inc |
Codexis and OmniAb Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Codexis and OmniAb
The main advantage of trading using opposite Codexis and OmniAb positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Codexis position performs unexpectedly, OmniAb 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 OmniAb will offset losses from the drop in OmniAb's long position.| Codexis vs. Corbus Pharmaceuticals Holding | Codexis vs. OmniAb Inc | Codexis vs. Protara Therapeutics | Codexis vs. Sangamo Therapeutics |
| OmniAb vs. Sangamo Therapeutics | OmniAb vs. Orchestra BioMed Holdings | OmniAb vs. Invivyd | OmniAb vs. Codexis |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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