Codiak Gross Margin from 2010 to 2024

The ability to find closely correlated positions to Codiak BioSciencesInc could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Codiak BioSciencesInc when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Codiak BioSciencesInc - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Codiak BioSciencesInc to buy it.

The correlation of Codiak BioSciencesInc is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Codiak BioSciencesInc moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Codiak BioSciencesInc moves in either direction, the perfectly negatively correlated security will move in the opposite direction. If the correlation is 0, the equities are not correlated; they are entirely random. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.