Correlation Between Cellectis and Valneva SE
Can any of the company-specific risk be diversified away by investing in both Cellectis and Valneva SE 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 Cellectis and Valneva SE into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Cellectis and Valneva SE, you can compare the effects of market volatilities on Cellectis and Valneva SE 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 Cellectis with a short position of Valneva SE. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cellectis and Valneva SE.
Diversification Opportunities for Cellectis and Valneva SE
0.75 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Cellectis and Valneva is 0.75. Overlapping area represents the amount of risk that can be diversified away by holding Cellectis and Valneva SE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Valneva SE and Cellectis 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 Cellectis are associated (or correlated) with Valneva SE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Valneva SE has no effect on the direction of Cellectis i.e., Cellectis and Valneva SE go up and down completely randomly.
Pair Corralation between Cellectis and Valneva SE
Assuming the 90 days trading horizon Cellectis is expected to generate 0.59 times more return on investment than Valneva SE. However, Cellectis is 1.71 times less risky than Valneva SE. It trades about 0.04 of its potential returns per unit of risk. Valneva SE is currently generating about -0.49 per unit of risk. If you would invest 174.00 in Cellectis on August 27, 2024 and sell it today you would earn a total of 2.00 from holding Cellectis or generate 1.15% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Cellectis vs. Valneva SE
Performance |
| Timeline |
| Cellectis |
| Valneva SE |
Cellectis and Valneva SE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cellectis and Valneva SE
The main advantage of trading using opposite Cellectis and Valneva SE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cellectis position performs unexpectedly, Valneva SE 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 Valneva SE will offset losses from the drop in Valneva SE's long position.| Cellectis vs. Biomerieux SA | Cellectis vs. Eurofins Scientific SE | Cellectis vs. Sartorius Stedim Biotech | Cellectis vs. SEB SA |
| Valneva SE vs. Biophytis SA | Valneva SE vs. Gensight Biologics SA | Valneva SE vs. OSE Pharma SA | Valneva SE vs. Abivax SA |
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 Transaction History module to view history of all your transactions and understand their impact on performance.
Other Complementary Tools
| Technical Analysis Check basic technical indicators and analysis based on most latest market data | |
| Crypto Correlations Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins | |
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas | |
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities | |
| Share Portfolio Track or share privately all of your investments from the convenience of any device |