Correlation Between Cellectis and Biostage
Can any of the company-specific risk be diversified away by investing in both Cellectis and Biostage 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 Biostage into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Cellectis SA and Biostage, you can compare the effects of market volatilities on Cellectis and Biostage 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 Biostage. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cellectis and Biostage.
Diversification Opportunities for Cellectis and Biostage
Pay attention - limited upside
The 3 months correlation between Cellectis and Biostage is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Cellectis SA and Biostage in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Biostage 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 Biostage. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Biostage has no effect on the direction of Cellectis i.e., Cellectis and Biostage go up and down completely randomly.
Pair Corralation between Cellectis and Biostage
If you would invest (100.00) in Biostage on November 28, 2024 and sell it today you would earn a total of 100.00 from holding Biostage or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Cellectis SA vs. Biostage
Performance |
| Timeline |
| Cellectis SA |
| Biostage |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
Cellectis and Biostage Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cellectis and Biostage
The main advantage of trading using opposite Cellectis and Biostage positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cellectis position performs unexpectedly, Biostage 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 Biostage will offset losses from the drop in Biostage's long position.| Cellectis vs. Covalon Technologies | Cellectis vs. biOasis Technologies | Cellectis vs. Mosaic Immunoengineering | Cellectis vs. Biotron Limited |
| Biostage vs. Biotron Limited | Biostage vs. biOasis Technologies | Biostage vs. Covalon Technologies | Biostage vs. Mosaic Immunoengineering |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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