Correlation Between Salesforce and Cellectis
Can any of the company-specific risk be diversified away by investing in both Salesforce 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 Salesforce and Cellectis into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Salesforce and Cellectis SA, you can compare the effects of market volatilities on Salesforce 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 Salesforce with a short position of Cellectis. Check out your portfolio center. Please also check ongoing floating volatility patterns of Salesforce and Cellectis.
Diversification Opportunities for Salesforce and Cellectis
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Salesforce and Cellectis is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Salesforce and Cellectis SA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cellectis SA and Salesforce 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 Salesforce 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 Salesforce i.e., Salesforce and Cellectis go up and down completely randomly.
Pair Corralation between Salesforce and Cellectis
Considering the 90-day investment horizon Salesforce is expected to generate 1.19 times more return on investment than Cellectis. However, Salesforce is 1.19 times more volatile than Cellectis SA. It trades about 0.04 of its potential returns per unit of risk. Cellectis SA is currently generating about -0.03 per unit of risk. If you would invest 28,684 in Salesforce on September 1, 2024 and sell it today you would earn a total of 4,315 from holding Salesforce or generate 15.04% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Salesforce vs. Cellectis SA
Performance |
| Timeline |
| Salesforce |
| Cellectis SA |
Salesforce and Cellectis Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Salesforce and Cellectis
The main advantage of trading using opposite Salesforce and Cellectis positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Salesforce 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.| Salesforce vs. Ke Holdings | Salesforce vs. nCino Inc | Salesforce vs. Kingsoft Cloud Holdings | Salesforce vs. Jfrog |
| 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 Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
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