Correlation Between DBV Technologies and Cellectis
Can any of the company-specific risk be diversified away by investing in both DBV Technologies 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 DBV Technologies and Cellectis into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between DBV Technologies SA and Cellectis, you can compare the effects of market volatilities on DBV Technologies 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 DBV Technologies with a short position of Cellectis. Check out your portfolio center. Please also check ongoing floating volatility patterns of DBV Technologies and Cellectis.
Diversification Opportunities for DBV Technologies and Cellectis
-0.44 | Correlation Coefficient |
Very good diversification
The 3 months correlation between DBV and Cellectis is -0.44. Overlapping area represents the amount of risk that can be diversified away by holding DBV Technologies SA and Cellectis in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cellectis and DBV Technologies 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 DBV Technologies SA 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 has no effect on the direction of DBV Technologies i.e., DBV Technologies and Cellectis go up and down completely randomly.
Pair Corralation between DBV Technologies and Cellectis
Assuming the 90 days trading horizon DBV Technologies SA is expected to under-perform the Cellectis. But the stock apears to be less risky and, when comparing its historical volatility, DBV Technologies SA is 1.83 times less risky than Cellectis. The stock trades about -0.01 of its potential returns per unit of risk. The Cellectis is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 176.00 in Cellectis on January 17, 2025 and sell it today you would lose (41.00) from holding Cellectis or give up 23.3% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
DBV Technologies SA vs. Cellectis
Performance |
| Timeline |
| DBV Technologies |
| Cellectis |
DBV Technologies and Cellectis Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with DBV Technologies and Cellectis
The main advantage of trading using opposite DBV Technologies and Cellectis positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if DBV Technologies 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.| DBV Technologies vs. Genfit SA | DBV Technologies vs. Innate Pharma | DBV Technologies vs. Cellectis | DBV Technologies vs. Nanobiotix SA |
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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