Correlation Between Codiak BioSciences and Cellectis
Can any of the company-specific risk be diversified away by investing in both Codiak BioSciences and Cellectis 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 Codiak BioSciences and Cellectis into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Codiak BioSciences and Cellectis SA, you can compare the effects of market volatilities on Codiak BioSciences and Cellectis 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 Codiak BioSciences with a short position of Cellectis. Check out your portfolio center. Please also check ongoing floating volatility patterns of Codiak BioSciences and Cellectis.
Diversification Opportunities for Codiak BioSciences and Cellectis
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Codiak and Cellectis is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Codiak BioSciences and Cellectis SA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cellectis SA and Codiak BioSciences 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 Codiak BioSciences are associated (or correlated) with Cellectis. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cellectis SA has no effect on the direction of Codiak BioSciences i.e., Codiak BioSciences and Cellectis go up and down completely randomly.
Pair Corralation between Codiak BioSciences and Cellectis
If you would invest 249.00 in Cellectis SA on August 28, 2024 and sell it today you would earn a total of 5.00 from holding Cellectis SA or generate 2.01% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Codiak BioSciences vs. Cellectis SA
Performance |
| Timeline |
| Codiak BioSciences |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Cellectis SA |
Codiak BioSciences and Cellectis Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Codiak BioSciences and Cellectis
The main advantage of trading using opposite Codiak BioSciences and Cellectis positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Codiak BioSciences position performs unexpectedly, Cellectis 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 Cellectis will offset losses from the drop in Cellectis' long position.| Codiak BioSciences vs. Hurco Companies | Codiak BioSciences vs. KNOT Offshore Partners | Codiak BioSciences vs. Taiwan Semiconductor Manufacturing | Codiak BioSciences vs. Cementos Pacasmayo SAA |
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 Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
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