Correlation Between Hillstream Biopharma and Bellicum Pharmaceuticals
Can any of the company-specific risk be diversified away by investing in both Hillstream Biopharma and Bellicum Pharmaceuticals 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 Hillstream Biopharma and Bellicum Pharmaceuticals into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Hillstream Biopharma and Bellicum Pharmaceuticals, you can compare the effects of market volatilities on Hillstream Biopharma and Bellicum Pharmaceuticals 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 Hillstream Biopharma with a short position of Bellicum Pharmaceuticals. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hillstream Biopharma and Bellicum Pharmaceuticals.
Diversification Opportunities for Hillstream Biopharma and Bellicum Pharmaceuticals
0.3 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Hillstream and Bellicum is 0.3. Overlapping area represents the amount of risk that can be diversified away by holding Hillstream Biopharma and Bellicum Pharmaceuticals in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bellicum Pharmaceuticals and Hillstream Biopharma 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 Hillstream Biopharma are associated (or correlated) with Bellicum Pharmaceuticals. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bellicum Pharmaceuticals has no effect on the direction of Hillstream Biopharma i.e., Hillstream Biopharma and Bellicum Pharmaceuticals go up and down completely randomly.
Pair Corralation between Hillstream Biopharma and Bellicum Pharmaceuticals
Given the investment horizon of 90 days Hillstream Biopharma is expected to generate 1.61 times less return on investment than Bellicum Pharmaceuticals. But when comparing it to its historical volatility, Hillstream Biopharma is 1.64 times less risky than Bellicum Pharmaceuticals. It trades about 0.03 of its potential returns per unit of risk. Bellicum Pharmaceuticals is currently generating about 0.03 of returns per unit of risk over similar time horizon. If you would invest 100.00 in Bellicum Pharmaceuticals on August 30, 2024 and sell it today you would lose (63.00) from holding Bellicum Pharmaceuticals or give up 63.0% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 81.82% |
| Values | Daily Returns |
Hillstream Biopharma vs. Bellicum Pharmaceuticals
Performance |
| Timeline |
| Hillstream Biopharma |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Bellicum Pharmaceuticals |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Hillstream Biopharma and Bellicum Pharmaceuticals Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hillstream Biopharma and Bellicum Pharmaceuticals
The main advantage of trading using opposite Hillstream Biopharma and Bellicum Pharmaceuticals positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hillstream Biopharma position performs unexpectedly, Bellicum Pharmaceuticals 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 Bellicum Pharmaceuticals will offset losses from the drop in Bellicum Pharmaceuticals' long position.| Hillstream Biopharma vs. Virax Biolabs Group | Hillstream Biopharma vs. Revelation Biosciences | Hillstream Biopharma vs. Kiora Pharmaceuticals | Hillstream Biopharma vs. ZyVersa Therapeutics |
| Bellicum Pharmaceuticals vs. Cellectis SA | Bellicum Pharmaceuticals vs. Adaptimmune Therapeutics Plc | Bellicum Pharmaceuticals vs. Atara Biotherapeutics | Bellicum Pharmaceuticals vs. Affimed NV |
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 Portfolio File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
Other Complementary Tools
| AI Portfolio Architect Use AI to generate optimal portfolios and find profitable investment opportunities | |
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine | |
| Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format | |
| Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing |