Correlation Between Adagene and Bellicum Pharmaceuticals
Can any of the company-specific risk be diversified away by investing in both Adagene and Bellicum Pharmaceuticals 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 Adagene and Bellicum Pharmaceuticals into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Adagene and Bellicum Pharmaceuticals, you can compare the effects of market volatilities on Adagene and Bellicum Pharmaceuticals 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 Adagene with a short position of Bellicum Pharmaceuticals. Check out your portfolio center. Please also check ongoing floating volatility patterns of Adagene and Bellicum Pharmaceuticals.
Diversification Opportunities for Adagene and Bellicum Pharmaceuticals
0.4 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Adagene and Bellicum is 0.4. Overlapping area represents the amount of risk that can be diversified away by holding Adagene and Bellicum Pharmaceuticals in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bellicum Pharmaceuticals and Adagene 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 Adagene are associated (or correlated) with Bellicum Pharmaceuticals. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bellicum Pharmaceuticals has no effect on the direction of Adagene i.e., Adagene and Bellicum Pharmaceuticals go up and down completely randomly.
Pair Corralation between Adagene and Bellicum Pharmaceuticals
If you would invest 37.00 in Bellicum Pharmaceuticals on September 1, 2024 and sell it today you would earn a total of 0.00 from holding Bellicum Pharmaceuticals or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 4.76% |
| Values | Daily Returns |
Adagene vs. Bellicum Pharmaceuticals
Performance |
| Timeline |
| Adagene |
| Bellicum Pharmaceuticals |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Adagene and Bellicum Pharmaceuticals Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Adagene and Bellicum Pharmaceuticals
The main advantage of trading using opposite Adagene and Bellicum Pharmaceuticals positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Adagene position performs unexpectedly, Bellicum Pharmaceuticals 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 Bellicum Pharmaceuticals will offset losses from the drop in Bellicum Pharmaceuticals' long position.| Adagene vs. Aerovate Therapeutics | Adagene vs. Acrivon Therapeutics, Common | Adagene vs. Rezolute | Adagene vs. AN2 Therapeutics |
| Bellicum Pharmaceuticals vs. Cellectis SA | Bellicum Pharmaceuticals vs. Adaptimmune Therapeutics Plc | Bellicum Pharmaceuticals vs. Atara Biotherapeutics | Bellicum Pharmaceuticals vs. Affimed NV |
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.
Other Complementary Tools
| FinTech Suite Use AI to screen and filter profitable investment opportunities | |
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios | |
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
| Share Portfolio Track or share privately all of your investments from the convenience of any device |