Correlation Between Cellectis and Adhera Therapeutics
Can any of the company-specific risk be diversified away by investing in both Cellectis and Adhera Therapeutics 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 Adhera Therapeutics into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Cellectis SA and Adhera Therapeutics, you can compare the effects of market volatilities on Cellectis and Adhera Therapeutics 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 Adhera Therapeutics. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cellectis and Adhera Therapeutics.
Diversification Opportunities for Cellectis and Adhera Therapeutics
0.32 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Cellectis and Adhera is 0.32. Overlapping area represents the amount of risk that can be diversified away by holding Cellectis SA and Adhera Therapeutics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Adhera Therapeutics 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 SA are associated (or correlated) with Adhera Therapeutics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Adhera Therapeutics has no effect on the direction of Cellectis i.e., Cellectis and Adhera Therapeutics go up and down completely randomly.
Pair Corralation between Cellectis and Adhera Therapeutics
If you would invest 72.00 in Adhera Therapeutics on November 4, 2024 and sell it today you would earn a total of 0.00 from holding Adhera Therapeutics or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 5.0% |
| Values | Daily Returns |
Cellectis SA vs. Adhera Therapeutics
Performance |
| Timeline |
| Cellectis SA |
| Adhera Therapeutics |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Cellectis and Adhera Therapeutics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cellectis and Adhera Therapeutics
The main advantage of trading using opposite Cellectis and Adhera Therapeutics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cellectis position performs unexpectedly, Adhera Therapeutics 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 Adhera Therapeutics will offset losses from the drop in Adhera Therapeutics' long position.| Cellectis vs. Covalon Technologies | Cellectis vs. biOasis Technologies | Cellectis vs. Mosaic Immunoengineering | Cellectis vs. Biotron Limited |
| Adhera Therapeutics vs. Enveric Biosciences | Adhera Therapeutics vs. Akeso, Inc | Adhera Therapeutics vs. Avax Techs | Adhera Therapeutics vs. Ascletis Pharma |
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 Performance Analysis module to check effects of mean-variance optimization against your current asset allocation.
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