Correlation Between Cellectis and ImmunoCellular Therapeutics
Can any of the company-specific risk be diversified away by investing in both Cellectis and ImmunoCellular 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 ImmunoCellular 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 ImmunoCellular Therapeutics, you can compare the effects of market volatilities on Cellectis and ImmunoCellular 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 ImmunoCellular Therapeutics. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cellectis and ImmunoCellular Therapeutics.
Diversification Opportunities for Cellectis and ImmunoCellular Therapeutics
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Cellectis and ImmunoCellular is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Cellectis SA and ImmunoCellular Therapeutics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ImmunoCellular 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 ImmunoCellular Therapeutics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ImmunoCellular Therapeutics has no effect on the direction of Cellectis i.e., Cellectis and ImmunoCellular Therapeutics go up and down completely randomly.
Pair Corralation between Cellectis and ImmunoCellular Therapeutics
If you would invest (100.00) in ImmunoCellular Therapeutics on November 29, 2024 and sell it today you would earn a total of 100.00 from holding ImmunoCellular Therapeutics 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. ImmunoCellular Therapeutics
Performance |
| Timeline |
| Cellectis SA |
| ImmunoCellular Therapeutics |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
Cellectis and ImmunoCellular Therapeutics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cellectis and ImmunoCellular Therapeutics
The main advantage of trading using opposite Cellectis and ImmunoCellular Therapeutics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cellectis position performs unexpectedly, ImmunoCellular 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 ImmunoCellular Therapeutics will offset losses from the drop in ImmunoCellular Therapeutics' long position.| Cellectis vs. Covalon Technologies | Cellectis vs. biOasis Technologies | Cellectis vs. Mosaic Immunoengineering | Cellectis vs. Biotron Limited |
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 Equity Valuation module to check real value of public entities based on technical and fundamental data.
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